Barclays Bond

Sally1436

Ive had a couple of bonds with barclays for atleast a decade. Ive had a letter from them asking for several identity documents (eg passport) and explaination of where the funds came from.

Has anyone else been contacted? It feels really odd they are asking for such documents etc several years later.

They are saying if this information ismt provided then they may not be able to give my money back.

Mchambers

Contact them and then complain to the FOS if they don't give you a proper explanation.

HappyHarry

I’m assuming you’re talking about investment bonds rather than cash deposits.

If so, for many years it has been mandatory for the providers to detail the source of funds when investing.

The provider should also acquire sufficient proof of identification for anti money laundering purposes.

If Barclays did not acquire this information at time of investment, then they will require it now, prior to any surrender.

Barclays are unlikely to require proof of the source of the funds unless they have suspicions about money laundering.

Making a complaint is unlikely to help, as Barclays will still require the information before releasing funds. It might net you a small goodwill payment, but that is all.

AnotherJoe

How on Earth are you meant to provide evidence of a source of funds from ten years ago

HappyHarry

You’re not. You’re asked to declare the source of funds

Unless there are suspicions, you won’t be asked for proof.

Sally1436

Thank all.
Yes they are investment bonds they pay dividends.

The source of funds doesnt worry me too much as the bank records would evidence the source.... if they go back that far. It was more like 20 years ago not 10. Lol.

Its more they want id docs to confirm who i am....eventhough i am not asking for the money. It does feel like they are tidying up their records.

Im so in the dark ages, i prefer doing things in person but I suppose i ll have to send them a copy via the post.

dunstonh

Yes they are investment bonds they pay dividends.

Investment bonds dont pay dividends. Anything drawn against an investment bond is a capital withdrawal. It may go against the 5% deferral allowance. The investments within the investment bond could have income distributions but they would be reinvested or held within the cash fund (only advanced investment bonds do this. Most use life funds with accumulation only units).

Has anyone else been contacted? It feels really odd they are asking for such documents etc several years later.

Not at all. We had to get some info on legacy bonds last year due to the introduction of FATCA.