HSBC Safeguard

DaveCarson

Has anyone else had problems with HSBC and their 'Safeguard' questionnaire?

I have held my company account at HSBC for the last 6 years and with the exception of the first couple of months it has always operated in credit (but always within limits even when in the agreed overdraft in the setting up phase).

I recently received notification that I needed to complete a 'Safeguard' questionnaire within a specified time-frame and that failure to do so would result in banking services being withdrawn.

I duly set aside an hour to complete the survey and submitted it via their online portal.

I was later contacted by HSBC while on holiday and out of the country to clarify some of the values I had entered. Not having the security details required I arranged to call them when I returned to the UK.

When I spoke to them I answered their questions and that was pretty much that - until I received a letter from HSBC (via my accountant) asking me to contact them.

I duly did so via the Chat facility of the Online Banking portal and was directed to the 'Safeguard' submission page - which now carried a banner stating that due to me not providing the requested information HSBC were closing my account!

Oddly, there was a link on the page for me to download the very information they said I hadn't provided - go figure!

I immediately contacted them via the Telephone Banking service and was told that I needed to provide 'certified proof' of my home address. I explained that this was provided when I opened the account and that I hadn't moved since but they were adamant that this was required and that if I didn't provide it then the account would be closed.

The next day I visited my solicitor, who certified my documentation which I then emailed to HSBC as arranged with the reference numbers provided.

The next day I received another letter from HSBC (via my accountant) which pre-dated my receipt of their previous one and my phone call to them. This one stated that my account was to be closed and that '[HSBC] will not be revisiting this decision'.

How can a bank send a letter asking you to contact them and then two days later send another saying (effectively) "Too late, we are closing your account."?

I am now having to switch to another bank all that that entails - I've got better things to do with my time than jump through more hoops. HSBC are causing me to waste time that I could be billing to clients instead.

I have seen a lot of rumblings about Safeguard inline and it seems that I am not alone in having my account closed. It is also clear to me that HSBC have dropped the ball somewhere along the lines and that Safeguard is either ill conceived or badly implemented (possibly both) - although they will never admit to that.

Some other businesses I know that have HSBC accounts haven't had the notification to complete the questionnaire - it must be a phased rollout - but I have warned them to ensure that they don't ignore it and to try to get written confirmation that HSBC are 100% happy with their submission.

Smiley_Dan

Hi - sorry for late reply - I'm having the same issue.

I got the threat to close the account email. When I phoned them, they said the line "we will not be revisiting the decision" is actually not true; they will stop the closure if the Safeguard process is completed.

The trouble is, completing it appears quite difficult. Three times they have come back to me with clarification on the same question, three times I have given the same answer. Each time they come back, they appear to have not received the previous response.

The design of the questionnaire appears to have been conducted by someone with no experience of business. For example, they ask you to provide percentages for which countries revenue and supplies come from. So if you buy/sell to any country in the world, what do you put? Initially I decided to put the countries which make up 90% of sales and purchases... but this wasn't good enough. They wanted 100%. There's nowhere near enough space on the form (or time in my day) to devote to divvying up each .

Ironically, one datum they tried to check was my address. Only... it was the address they sent all Safeguard correspondence to, AND the threatening closure letter (printed before but sent after I actually 'proved' the address).

It's all a bit worrying and it's not completed yet for me. Until now I thought HSBC were reasonably competent - inexpensive, not flashy, just gets the job done. What you want in a bank. This faith is wavering!

DaveCarson

Smiley_Dan wrote: »

they said the line "we will not be revisiting the decision" is actually not true; they will stop the closure if the Safeguard process is completed.

As far as I know the process is complete - but as you say they don't seem to know which way is up right now.

I've now received all of the paperwork and internet banking details for my new Business Account (Barclays) and will be taking great pleasure in draining the account over the next week or so as I transfer the DD's and other payments.

Good luck with your efforts to keep your account open - if you decided to do so that is.