New request for personal info from Selftrade

beebul

I've sent them a message through my account basically telling them to get stuffed and I will take legal action if my accounts are suspended.

Will see what happens, a lot more awkward for me to do this form anyway as I'm currently in Australia.

Think I will ditch the company they're looking really dodgy.

Yorksport

My reactions were similar. The request for information is disproportionate and I won't be supplying any more than the basics. . But they don't threaten to suspend your account if you don't comply, simply let you know that they have the power to do so. I hadn't appreciated that they are not opening new accounts: that is worrying and I'll think about closing my account too. It started as a straightforward operation, paying interest on credit cash balances and charging only when you traded. There is now no interest on cash balances, unless you have a great deal with them, and a monthly 'inactivity fee' so, for me, they have a poorer offering than they did.

Yorksport

Sorry, typo - meant quarterly fee

ed44

Yorksport wrote: »

quarterly fee

If one of your shares pays a quarterly dividend, the £1.50 dividend reinvestment fee is cheaper than the inactivity fee.

beebul

They just replied to my message with a generic "Sorry you have to do it" reply.

Worried about a company that can't take on new customers.. and treats its existing ones in this way.

SnowMan

Money Marketing article today about Selftrade's money laundering data requests. The article doesn't say much but thought I'd mention it anyway

http://www.moneymarketing.co.uk/news-and-analysis/wraps-and-platforms/d2c-platform-selftrade-reviews-client-data-in-money-laundering-checks/2009296.article

Nicholas-bloody-Parsons

Hey, Ive got one of these too.

The questions are very intrusive, without being thorough enough to actually identify any money laundering.

I wont be rushing to fill in this form, if at all.

[STRIKE]I see that the post office provide a certifying service for £7.15, which may be the easiest way to do this.[/STRIKE]

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Edit: No need to send them certified documents if you send in originals, which i will probably do.

Snot

I received one of these letters today, although they haven't asked me to send in any documents. The questions are just bizarre "how much of your wealth has been derived from employment and provide details of the amounts involved". "Has any of your total wealth been derived from a different source from those listed previously" then "Provide a description of the amount involved and detailed description of the timescales"

Are they seriously expecting me to list 30 years of salary details and dividend history.

I've stayed with SF as I've found the service generally good and cheap (I reinvest dividends so don't pay the quarterly charge). Time for a change.

MIKELSOK

Well after receiving this excessively intrusive questionnaire I will be responding with a very minimalist approach to the disclosure of my net worth etc, in other words I will answer No, to all the Wealth based questions as a starter. In fact the most I am prepared to give them is a authenticated copy of my bank statement and have also thought of sending them a voided cheque from same account.

In the last 4 days I have sold all my holdings and made transfers to my account yet still await those funds. I suspect however that my funds will not be transferred until they have the signed form. I do believe however that you are under no legal obligation to provide them with the specific information requested, SFT need to clarify this on so many fronts as they haven't said which specific legislation is being used and what the terms of reference are other than Money Laundering etc.

I am hoping that the Press or MoneyBox or the FT or whomever in the Media will pick up on this Saga because the sooner it gets out to a wider audience the better for all. We do not want to be SFT's Guinea Pigs simply because they screwed up and are under investigation and are thus not taking on new customers, Is that our Fault they were so Lax?

spinbuster

My solicitor advised me that repeat money laundering checks are not required provided the money is transferred into the trading account from a bank account, as the source bank is already responsible for due money laundering diligence regarding the money.
It looks like Selftrade are taking advantage of the regulations to deceive customers into revealing more personal information than is required.