Transfer from Virgin money to Nutmeg

Monchichi

I have had Stock ISAs with Virgin Money for a few years. Now I requested VM to transfer my saving to Nutmeg, but VM withholds the transfer because they claimed that they could not release the money until I provide them some original ID (like passport) and proof of address (also in original bank statements or bills) due to their concerns over the money laundering. If the concerns are real, they should have asked for those documents in the past few years when I was their customer (or they should've asked before they officially opened my account, but not now when I am leaving them. When I questioned them, they just said this is their company policy. I am not sure but I think they either made mistakes and forgot to ask for those docs in due course or they simply make things difficult for their leaving customers. Anyone cares to share their views?

Well, to be honest, I got upset also because I personally don't want to send my original passport to them (unfortunately they don't have a branch that I can walk in and show the ID and such).


Monchichi

dunstonh

If the concerns are real, they should have asked for those documents in the past few years when I was their customer (or they should've asked before they officially opened my account, but not now when I am leaving them.

The money laundering guidelines are based on events occuring. A few years back it was changed from just "money in" to include "money out" transactions.

I am not sure but I think they either made mistakes and forgot to ask for those docs in due course or they simply make things difficult for their leaving customers. Anyone cares to share their views?

To be blunt, it doesnt matter what you think. Supply them with the info and stop being difficult.

Or maybe use this time to pick a better provider. Virgin and Nutmeg are not exactly what you consider ideal options. If you put as much effort into picking your investment providers as you do moaning about anti-money laundering directives you would almost certainly end up with a better option.

Monchichi

Thanks dunstonh. haha...yes, perhaps I'm the one who is being difficult. I actually don't have problem with anti-money laundering rules but I was wondering if VM is doing what they do for other reasons. But it's true that I didn't know the change about 'money out' transactions until you pointed it out. And now that they can ask for things like original passports/driving licence to be sent by post, I should probably look for one with local branches. I am not bold, I know. And indeed I didn't have time doing much shopping around when I decided to go for Nutmeg who offered avios points that I was interested in and rushed to get it done by tax year end date. Glad that Nutmeg still considered my application as valid as I put in my form on time, regardless what happened with WM internally.