cashing in endowment problems

TrickyDicky101

Our mortgage provider and solicitor accepted Birth Certificate and Child Benefit statement - so it seems we have had a much easier ride than you (this wasn't for an endowment release, however).

SuzieH

They've had a bank statement, my birth cert, my marriage cert, my disclosure form, a letter from HMRC , a letter from child savings scheme, an old p45 and they are still doubting me--bunch of idiots they are!!
I feel like the poor guy on the phone is becoming a close friend of mine!!

dunstonh

This should not be an anti-money laundering requirement for Phoenix - they know where the money has come from as it has been built up over many years and therefore has provenance.

The changes in the money laundering regs a couple of years ago now sees most providers doing checks on maturity and surrenders where they have no current verification on file. Phoenix probably have nothing other than bank details (which is verified by the bank statement which gives them one of the two things).

Like most reg changes, different providers are taking it to different extremes (waiting to see who gets fined first for doing it wrong!). Phoenix and Aviva seem to be the worst at getting this sorted easily.

They've had a bank statement, my birth cert, my marriage cert, my disclosure form, a letter from HMRC , a letter from child savings scheme, an old p45 and they are still doubting me--bunch of idiots they are!!
I feel like the poor guy on the phone is becoming a close friend of mine!!

birth certificate, marriage certificate, letter from child savings scheme and old P45s are not acceptable as money laundering ID checks.

The birth cert proves date of birth (which covered that issue). However, as you have changed your name since birth they needed your marriage certificate to show the link from birth name to current name.

disclosure form and letter from HMRC dont really mean anything. HMRC tax code notification is accepted though.

What about council tax notification? (they are accepted)
bank statement (which you supplied) is fine
Utility bill (not mobile phone)
Hour or mortgage insurance certificate (are accepted)
Home visit and electoral roll (but Phoenix wont cover those)

magpiecottage

I do not normally advocate it but on this occasion, I would suggest you contact your MP.

This legislation has been put in without proper consideration of the consequences to individual legitimate investors who cannot get access to their own money.

SuzieH

Have emailed my MSP and presently on hold to financial ombudsman

Malky

Surely the sum being paid out is worth buying a passport or provisional driving license? These are two major documents that most people should have. I know you may argue the case that you shouldn't have to buy either of these but the company has asked for at least one of these to prove who you are.

LillythePink

I work in a similar industry to them and we have similar checks and do ask for further identity proof if we have any concerns re the documentation given to us.

However, one thing that does make it more acceptable is whether the money is being paid into the same bank account that was used to make the payments to the policy.

Do you have a bank statement with debits on it to them? This may help to see that the money is being repaid to the originating account.

I do think that your issues lie with the lack of photographic id ie passport/driving license.

Going to an MP will not help - it's going to be company policy to check these things and an MP steaming in to sort this out will only inflame things and undermine the company (however rubbish you think they are) it would just show to potential fraudsters that to get something moving you just have to have a friendly MP!

dunstonh

Provisional driving licence is not acceptable in money laundering check.

SuzieH

They have takren the money out of a joint account for the last 16 years. Same payment every month. i am not buying a passport just for the sake of it.

Green.Lander

Well i got a payment from Phoenix life last month from a old scottich provient policy. They asked for the original policy which i sent them recorded mail and asked if they could pay into the source bank account. No problems at all did not ask for ID just to sign the forms.