CHAPS Payment held up by "Compliance Team"

DesG

When this is all resolved, make sure he doesn't try and charge you for the CHAPS payment

xylophone

But the OP cannot make a complaint to HSBC as they are not a customer and it is not (yet!) their money that is being held up. They could encourage the solicitor to make a complaint but the solicitor may not wish to rock the boat with their banker.

The OP cannot complain to HSBC but I would argue that it is indeed the OP's money that is being held up - the funds certainly don't belong beneficially to the solicitor as they would (presumably) have been in his "Client Account"?

The solicitor was acting for and on behalf of his client in the sale of the property - surely the client has the right to expect value promptly, especially as the transfer would have been made through CHAPS?

As a client, I think I would be making a complaint to the solicitor and as the solicitor, I would be making a complaint to my bank on the basis that its actions were bringing me into disrepute with my client.

Ballard

xylophone wrote: »

The OP cannot complain to HSBC but I would argue that it is indeed the OP's money that is being held up - the funds certainly don't belong beneficially to the solicitor as they would (presumably) have been in his "Client Account"?

The solicitor was acting for and on behalf of his client in the sale of the property - surely the client has the right to expect value promptly, especially as the transfer would have been made through CHAPS?

As a client, I think I would be making a complaint to the solicitor and as the solicitor, I would be making a complaint to my bank on the basis that its actions were bringing me into disrepute with my client.

These are valid points and that is the correct route to take but that's not to say that the bank has acted improperly. They may have held the funds back for good reason (equally it may be an error. We don't know). If they have a valid suspicion about the transaction then it's not that they are allowed to hold the payment, they are compelled by law to do so.

minorsqueeze

agrinnall wrote: »

But the OP cannot make a complaint to HSBC as they are not a customer and it is not (yet!) their money that is being held up. They could encourage the solicitor to make a complaint but the solicitor may not wish to rock the boat with their banker.

Thats exactly my position. I have asked the solicitor to make a complaint this morning , but they are under no obligation to do so, considering the relationship my solicitor and the bank is entirely for them alone to manage.

minorsqueeze

Hi all,

Just to let you know their bank finally released the money today and it's safely in my account, after 6 loooong days. Nightmare over.

Thanks to those who contributed and happy xmas to all.

Cheers.

jonesMUFCforever

minorsqueeze wrote: »

Thats exactly my position. I have asked the solicitor to make a complaint this morning , but they are under no obligation to do so, considering the relationship my solicitor and the bank is entirely for them alone to manage.

I know the situation is now resolved but I feel your thinking on this is flawed.
If the money left your solicitor's account then their bank was not to blame but your argument should be with your bank who withheld your funds.
If the money was retained by the solicitor's bank then you should have the argument with your solicitor + compo for keeping funds from for 6 days.

grumbler

jonesMUFCforever wrote: »

I know the situation is now resolved but I feel your thinking on this is flawed.
If the money left your solicitor's account then their bank was not to blame but your argument should be with your bank who withheld your funds.

minorsqueeze wrote: »

....my solicitor chased and was told by HSBC it's with their compliance team and that the money was being held.

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