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First Direct want proof of identity years after account opened: anyone else affected?
Doc_N
Posts: 8,524 Forumite
There are letters going out from First Direct saying this:
"As you'd expect at first direct we set ourselves the highest possible standards, but we're sorry to say that in the past we have fallen short of this in some areas and we now hold incomplete proof of identity and address for a number of our customers. We have to put that right, as it's only through having the most up to date customer information that we can do the best possible job of keeping you and your money safe from fraud and financial crime."
What they're asking for is certified copies of two documents - one proving identity and another proving address. No mention of taking these documents into a HSBC branch - presumably because the branches wouldn't be able to cope with the additional work.
There's a list of possible certifiers (including solicitors, doctors etc, many of whom will charge a fee) and lists of acceptable documents.
First Direct are being very coy as to exactly why they are doing this to customers like my aunt (90 years old - and a First Direct account holder for 20+ years) but I'm guessing they're being forced to do it by a regulator.
It's impossible to provide the proof they need in her case (no passport, no driving licence, nothing from HMRC or DWP dated within the last 4 months) and she's really annoyed that after 20 years they're coming along with this demand - and expecting her to pay the costs involved! The result's likely to be a profitable account (large balance, no interest) lost to FD.
Anyone else had one of these letters?
"As you'd expect at first direct we set ourselves the highest possible standards, but we're sorry to say that in the past we have fallen short of this in some areas and we now hold incomplete proof of identity and address for a number of our customers. We have to put that right, as it's only through having the most up to date customer information that we can do the best possible job of keeping you and your money safe from fraud and financial crime."
What they're asking for is certified copies of two documents - one proving identity and another proving address. No mention of taking these documents into a HSBC branch - presumably because the branches wouldn't be able to cope with the additional work.
There's a list of possible certifiers (including solicitors, doctors etc, many of whom will charge a fee) and lists of acceptable documents.
First Direct are being very coy as to exactly why they are doing this to customers like my aunt (90 years old - and a First Direct account holder for 20+ years) but I'm guessing they're being forced to do it by a regulator.
It's impossible to provide the proof they need in her case (no passport, no driving licence, nothing from HMRC or DWP dated within the last 4 months) and she's really annoyed that after 20 years they're coming along with this demand - and expecting her to pay the costs involved! The result's likely to be a profitable account (large balance, no interest) lost to FD.
Anyone else had one of these letters?
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Comments
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The result's likely to be a profitable account (large balance, no interest) lost to FD.
Sounds they are doing your dear aunt a favour by reminding her that she gets diddlysquat interest for her money in FD.
Mind you, if FD have difficulty confirming her ID electronically - which I suspect is the reason for asking for the documents - your aunt might not be able to open a new account elsewhere?
Is you aunt on the electoral roll at her current address, does her credit file show her current address?
. May be - but I think it is a lot more likely that the request is the result of a corporate edict from HSBC. Has your aunt called FD and asked them what this is all about?I'm guessing they're being forced to do it by a regulator0 -
Sounds they are doing your dear aunt a favour by reminding her that she gets diddlysquat interest for her money in FD.
Mind you, if FD have difficulty confirming her ID electronically - which I suspect is the reason for asking for the documents - your aunt might not be able to open a new account elsewhere?
Is you aunt on the electoral roll at her current address, does her credit file show her current address?
. May be - but I think it is a lot more likely that the request is the result of a corporate edict from HSBC. Has your aunt called FD and asked them what this is all about?
Yes to both questions. She's on the electoral roll, and I've spoken to them on her behalf. They tell me a lot of customers are affected - but won't give any further details as to exactly why. The precise wording of the letter (see above) is intriguing.0 -
There has been a lot of press about anti money laundering and banks being investigated, though mainly in the USA.
Probability is that HSBC has reviewed its practice and checked the "Know Your Customer" checks were properly done and evidence stored but found that there has been "issues" with FD hence wanting to stop the gap either due to AML investigations or in fear of one.
Whilst the bank isnt listed as one of the approvers I am sure they would accept certified copies by their colleagues there0 -
I think all frorm their list will charge: Passport certification for First Direct...
There's a list of possible certifiers (including solicitors, doctors etc, many of whom will charge a fee) and lists of acceptable documents....
I wouldn't be that sure.InsideInsurance wrote: »Whilst the bank isnt listed as one of the approvers I am sure they would accept certified copies by their colleagues there0 -
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I would be tempted to return the letter to them with a covering note, explaining that you've recently received an obvious scam attempt to get your aunt's identity documents, because of course First Direct asking for these would be an absolute joke after 20 years of having an account....0
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I would be tempted to return the letter to them with a covering note, explaining that you've recently received an obvious scam attempt to get your aunt's identity documents, because of course First Direct asking for these would be an absolute joke after 20 years of having an account....
My husband did just that when he received the letter last week - and they called him today. They refused his suggestion that they pay him £125 to comply as they would a new customer. They were also unable to explain why, as joint account holders for 21 years, only he and not me had received such a letter. However, they did suggest that the appropriate documents can be taken in to an HSBC branch for authentication. He is still most offended by their action and is holding out for either the money or they drop their requirements.0 -
Titansiren wrote: »My husband did just that when he received the letter last week - and they called him today. They refused his suggestion that they pay him £125 to comply as they would a new customer. They were also unable to explain why, as joint account holders for 21 years, only he and not me had received such a letter. However, they did suggest that the appropriate documents can be taken in to an HSBC branch for authentication. He is still most offended by their action and is holding out for either the money or they drop their requirements.
An interesting idea! I wonder how many of these letters went out? They're playing their cards very close to their chest on this, but I'm guessing quite a number.
It might also account for the fact that it was so difficult to get through to them over the weekend.0 -
Titansiren wrote: »My husband did just that when he received the letter last week - and they called him today. They refused his suggestion that they pay him £125 to comply as they would a new customer. They were also unable to explain why, as joint account holders for 21 years, only he and not me had received such a letter. However, they did suggest that the appropriate documents can be taken in to an HSBC branch for authentication. He is still most offended by their action and is holding out for either the money or they drop their requirements.
Interesting approach but I reckon there is more chance of them closing the account than paying £125 as your husband would be in breach of the T&Cs if he didn't supply the requested documents. See clause 34 in the FD T&Cs.0 -
Titansiren wrote: »My husband did just that when he received the letter last week - and they called him today. They refused his suggestion that they pay him £125 to comply as they would a new customer. They were also unable to explain why, as joint account holders for 21 years, only he and not me had received such a letter. However, they did suggest that the appropriate documents can be taken in to an HSBC branch for authentication. He is still most offended by their action and is holding out for either the money or they drop their requirements.
If any new customers were asked for these documents and didn't comply i would imagine they wouldn't be offered an account. I think if your OH wants to keep the account, he will need to comply with their request.
Why is he offended ?0
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