Asked to confirm tax residency by my bank

Maureen43

I'm confused!

I've received a letter from FirstDirect asking me to complete a "common reporting standards tax residency self-certification"form.

I've always lived in the UK and don't have any accounts outside the UK!

I have rung them and they were a bit vague. They said the form was going to all customers - not just me.

Is that true? Have other customers received these?

Ballard

https://forums.moneysavingexpert.com/discussion/5418496

You can read through that thread if you like but it goes on a bit.

The crux of the matter is that all banks are required to know if you have residency or are liable to tax in any other jurisdictions. If you don't reply they will probably block your account so my suggestion is that you should just give them the data that they're after.

Despite what some posters will say, it's nothing to get concerned about.

Maureen43

Fine - but nothing has changed!

Not my personal details, not my tax residency - so why are they asking for this now?

Also the form looks really dodgy - it's photocopied and doesn't look like something the bank would send out.

Ballard

Maureen43 wrote: »

Fine - but nothing has changed!

Not my personal details, not my tax residency - so why are they asking for this now?

Also the form looks really dodgy - it's photocopied and doesn't look like something the bank would send out.

I can only assume that they have never asked you this before and now need it clarified. Although I've worked in banks for many years I've not been directly involved in this area so I can't really say anything more than that.

It's quite reasonable that you're not happy about filling in the form if it doesn't look official; I would share your concerns. I would suggest that you either call them or pop into a branch with it to get it confirmed.

eskbanker

Maureen43 wrote: »

They said the form was going to all customers - not just me.

Is that true? Have other customers received these?

Maureen43 wrote: »

Fine - but nothing has changed!

Not my personal details, not my tax residency - so why are they asking for this now?

See http://www1.firstdirect.com/content_static/pdf/security_procedures_and_FAQs.pdf

alternate

Something has changed - but not on your end. US law was tweaked and pressure is being put on UK banks to ask their customers to declare they are non-US citizens.

Most new applications ask at that stage now.

GingerBob_3

eskbanker wrote: »

See http://www1.firstdirect.com/content_static/pdf/security_procedures_and_FAQs.pdf

Reading that guff from FD had me vomiting out of the window! I've never seen such a condescending load of hogwash in my life! It's all to protect you from financial crime! What arrogant scumbags they are! The best way to protect yourself from financial crime is to not bank with HSBC. Nothing could be simpler.


OP, send back the form endorsed with a single sentence "No Changes" emblazoned across the front of it.


They really are taking the you-know-what with this lot.

Ballard

GingerBob wrote: »

Reading that guff from FD had me vomiting out of the window! I've never seen such a condescending load of hogwash in my life! It's all to protect you from financial crime! What arrogant scumbags they are! The best way to protect yourself from financial crime is to not bank with HSBC. Nothing could be simpler.


OP, send back the form endorsed with a single sentence "No Changes" emblazoned across the front of it.


They really are taking the you-know-what with this lot.

Why are you so anti-bank? Why do you repeatedly instruct other posters to do things that might be detrimental to them?

diamonds

gingerbob wrote: »

reading that guff from fd had me vomiting out of the window! I've never seen such a condescending load of hogwash in my life! It's all to protect you from financial crime! What arrogant scumbags they are! The best way to protect yourself from financial crime is to not bank with hsbc. Nothing could be simpler.


Op, send back the form endorsed with a single sentence "no changes" emblazoned across the front of it.


They really are taking the you-know-what with this lot.

"not applicable - no changes"

GingerBob_3

Ballard wrote: »

Why are you so anti-bank? Why do you repeatedly instruct other posters to do things that might be detrimental to them?

And why should that be detrimental? If there are no changes, that should be an end to the matter.


I'm not anti-bank, I'm anti-bad bank, of which at the moment we have several, and it would appear that HSBC are by far the worst.

Ballard

GingerBob wrote: »

And why should that be detrimental? If there are no changes, that should be an end to the matter.


I'm not anti-bank, I'm anti-bad bank, of which at the moment we have several, and it would appear that HSBC are by far the worst.

If the form needs to be signed (as I assume is likely) and isn't signed then it will not be sufficient to meet the banks obligations. The account could then be frozen until such a time that a properly completed form is received.

It doesn't take a mastermind to work it out.