Regulatory Requirement?

kaych

I vaguely remember that offer from HSBC was sent to us, we signed it and posted it back? but then it was 3 years ago, so things may have changed. The only time we were in the branch was when we brought our bank statements, payslips etc for the mortgage advisor to photocopy...

dunstonh

A client signing a form does not prevent a provider from liability. If only!!!!

It does not. However, if it is signed via the documented process using trained staff, then it is assumed that the process took place as it should.

Think of endowments and PPI which were all signed and accepted by applicants, but that did not prevent liability claims amounting to billions of pounds.

Most endowments were down to poor record keeping or poor report writing. Signatures don't mean much at all. The only things we get client signatures on are a receipt of the report or documents to verify I have given them to the individual. That is to protect us from the increasing use by consumers alleging that they didnt receive the report. Usually because they didnt bother reading it and either filed it away to gather dust to be eventually thrown out and forgot about it.

Thrugelmir

Let_Us_See wrote: »

I hope that was written as an humourous touch to the end of another busy week?

Take the blinkers off. Financial crisis was 2007/2008 in the UK. Life moves on. Management changes. Organisations evolve. Culture changes.


PS. HBOS used to put cabbages on the desks of people that didn't reach PPI selling targets. That's not banking. That was back street market trading.

Let_Us_See

dunstonh wrote: »

However, if it is signed via the documented process using trained staff, then it is assumed that the process took place as it should.

Even so it will still not absolve the bank of liability.

Originally Posted by Let Us See
I hope that was written as an humourous touch to the end of another busy week?

I was referring to my busy week!

opinions4u

Thrugelmir wrote: »

PS. HBOS used to put cabbages on the desks of people that didn't reach PPI selling targets. That's not banking. That was back street market trading.

You'll find that was a local issue. No cabbages ever came near any of my staff!

Thrugelmir

opinions4u wrote: »

You'll find that was a local issue. No cabbages ever came near any of my staff!

I know it wasn't policy. Have heard Paul Moore speak on several occasions. Was an interesting insight to the culture at HBOS at higher levels.

dunstonh

Even so it will still not absolve the bank of liability.

It goes a long way to protect itself though and puts a greater onus on the individual to show a wrong doing.

Thrugelmir

Let_Us_See wrote: »

Even so it will still not absolve the bank of liability.

If an organisation follows a structured staff training programme that is rigidly adhered to in practice. Then the recollections of a customer some years later will carry no weight. As all pertinent issues will have been covered originally.

Merely winding the clock back. There's nothing new in this. Professional standards have fallen in more recent years now the bar is being lifted back up again.

Virgin Money recently stopped all new mortgage lending. While all advisers were retrained.

CeeBeeGB

Thanks for all the responses, very interesting reading.

The advisor is back from holiday, so we'll be going in to sign the agreement tomorrow. If we get the hard sell on life insurance, I'm going to be pretty annoyed.

We have it in an email, that we had to sign in the advisors presence in order to meet regulatory requirements. We were also assured that the delay in signing would not impact the purchase process. The fist statement would appear to be misleading, and the second incorrect.

Thanks again.

chewback

Let us know how it goes and just remember that the banks insurance will be a lot more expensive than you can get it elsewhere.