Halifax did not want my money

PeacefulWaters

The video is not an FCA requirement.

It is how Halifax (and presumably Lloyds and BoS) have chosen to comply with FCA requirements to ensure customers understand the product that they are buying.

stewart54

I wonder why the staff said it was an FCA requirement - a training issue? I see on another post that it took an hour to open an account - I appreciate some forms can be a bit long but Halifax claimed that there was no paper form to complete - the form had to be completed on a composter (oops mean computer) by their adviser. An hour seems OTT

SevenOfNine

stewart54 wrote: »

I wonder why the staff said it was an FCA requirement - a training issue? I see on another post that it took an hour to open an account. An hour seems OTT

I'm going to experience all this first hand on Wednesday. Have appointment to open 2 x Children's Regular Savers & 2 x Young Saver accounts.

It definitely won't be over an hour for 4 a/c's, appt is for 4pm & they close at 5pm! Adviser just called to confirm time & to make sure I knew what ID would be required for grandsons & us.

mrssjs

Mine was an hour for 2 x regular savers plus 2 x young saver accounts.

SevenOfNine

Approx 40 mins to open Kid's Regular Saver & Young Saver a/c's for Grandson no. 1.

Watched 1 video for each a/c lasting approx. 3 mins each.
Video's are so that whichever branch you may visit, the product info will be essentially identical eg.
Appointments are required because you are seen by a more specialist member of staff & they are kept very busy.
No on-line applications nor even printing forms (or collecting from branch) to complete at home because previous problems with fraud (?).
Need previous home address of child if over 5 & not residing in current property when born. Nearly tripped over that one!
Only 1 trustee, we'd have preferred the 2 of us.
No passbooks, statements or on-line viewing of a/c's. Any info req'd must be obtained by visiting the branch.

Nosy questions extended the time this took. 2nd Grandson only took 20 mins because they didn't have to ask them again:

Which bank is my main a/c held.
How much to I presently have in savings a/c's.
My home ownership (owned/mortgaged/rented etc).
How much do I ordinarily save each month.
Who is my house/contents currently insured with.


Bracing myself to be pestered by marketing. But all 4 a/c's up and running.

anon_ymous

Archi_Bald wrote: »

I reckon it is protection against mis-selling claims.

I've noticed this. The Lloyds banking group are really paranoid and tbh I don't blame em

Open an account with the Lloyds banking group and they make sure that they say "I havent advised you on any products, and you have chosen an account that matches your requirements" and it's a "yep, yep yep" thing, BUT it stops them from getting in to trouble several years down the line

And they make you watch those videos, probably for the same reason.

Lloyds made me watch it when I opened a club Lloyds account. The lady in Lloyds apologised, but tbh, I don't blame her. This direction would have came from senior managers, and not branch managers.

anon_ymous

PeacefulWaters wrote: »

The video is not an FCA requirement.

It is how Halifax (and presumably Lloyds and BoS) have chosen to comply with FCA requirements to ensure customers understand the product that they are buying.

Yup. Got 5 accounts across all of the Lloyds banking group banks, and they all follow a similar procedure

Lloyds, Halifax, BOS all adopt the same procedure.