ablender
Member of DD Central
Posts: 2,204 
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Post by ablender on Jul 29, 2017 17:38:18 GMT
Slightly off topic and not in the least directed specifically at Lendy, but I am absolutely convinced that all this KYC stuff, that is required by the regulators, has contributed enormously to the incidence of identity theft. The vast amount of verified personal information that has to be supplied to any and all financial service providers that one conducts business with cannot possibly be held totally secure in all cases. I believe that they destroy it after confirming you are who you say you are. That said, I agree that posting /emailing copies of passports is a disaster waiting to happen. What about the home office asking you to post the original then?
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GeorgeT
Member of DD Central
Posts: 1,322
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Post by GeorgeT on Jul 29, 2017 21:03:13 GMT
It is thoroughly unreasonable! The KYC checks should be applied when you become a customer and possibly periodically after that. Applying them at the point of withdrawal causes needless anxiety for customers and as can be seen by a few threads here, creates bad publicity for them. agreed. i had to google KYC... i now know its (know your customer) .. however, i still agree.  You aren't alone - I didn't know what KYC meant either. I'd assumed it was a typo and people were saying LY didn't want people using their investment service until they'd undertaken thorough, lifestyle checks on them to make sure they don't frequent fried chicken shops because they don't want to do business with low class people with greasy fingers. 
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
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Post by skippyonspeed on Jul 29, 2017 21:10:06 GMT
agreed. i had to google KYC... i now know its (know your customer) .. however, i still agree. You aren't alone - I didn't know what KYC meant either. I'd assumed it was a typo and people were saying LY didn't want people using their investment service until they'd undertaken thorough, lifestyle checks on them to make sure they don't frequent fried chicken shops because they don't want to do business with low class people with greasy fingers. I always thought it was Ken Yucky Chicken 
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Post by martin44 on Jul 29, 2017 23:54:28 GMT
You aren't alone - I didn't know what KYC meant either. I'd assumed it was a typo and people were saying LY didn't want people using their investment service until they'd undertaken thorough, lifestyle checks on them to make sure they don't frequent fried chicken shops because they don't want to do business with low class people with greasy fingers. I always thought it was Ken Yucky Chicken You thought right.
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Post by GSV3MIaC on Jul 30, 2017 7:09:08 GMT
KYC? Actually it's a UK spelling variant of CYA.
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mghgm
New Member
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Post by mghgm on Aug 3, 2017 16:06:25 GMT
I've just had this same message. Sent them my documents 2 days ago and still not verified. Like others have said I do wish they would have sent me an email warning me / requesting these documents rather than letting me get the unwelcome surprise when I want to withdraw my cash. Isn't making me want to stick around on this platform. Plenty others out there so Lendy need to get their act together.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on Aug 3, 2017 16:23:07 GMT
It occurs to me that they may not actually know or rather arent diverting the resources to do electronic AML/KYC checks on all funded accounts until they need to. If say 90% pass by standard electronic checks then its a waste of resources just to identify the 10% who fail until they actually need to to comply with regs. Time better spent chasing defaults.
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