HSCB Safeguard - "We need to confirm some of your organisation details" 25 February 2021 at 10:56PM edited 25 February 2021 at 10:58PM in Credit file & ratings 4 replies 1.1K views

byj5803

Dear all,

I hope this thread finds you well and safe.

I currently hold a business account with HSBC and received a letter from the bank with the above title. They basically introduced themselves and said they would from time to time ask me to confirm, update or give me new information. Could you please help with the below questions?

1. The letter says "To begin your Safeguard review, please complete the form within your Business Internet Banking when prompted to do so". I have logged into my account and no such prompts show up.

Should I be contacting HSBC to get this review completed ASAP or since nothing shows up on my Internet Banking, just leave it? The letter was dated 22 Feb 2021 and I received the letter today.

2. Also, the letter says "Although it's rare, we must inform you a possible outcome of the review is we may decide to no longer provide banking services for your organisation - even if you've provided us with all the information we asked for. This would only happen in cases where we're no longer willing to provide banking services so that we comply with our legal and regulatory obligations. In these circumstances we'd send you a formal notice advising you of this outcome in line with our Business Banking Terms and Conditions".

From reading some threads, the Safeguard process does not sound too pleasant. Is the Safeguard process a normal Business As Usual activity or triggered by account activities? No unusual activities took place in the account, so I'm just confused... 

Thank you very much.

zx81

It's BAU and perfectly pleasant. No need for confusion.

No need to take action untill asked to.

byj5803

Thanks @zx81 as always lol.

CARPMAN

I have received this privacy survey and i am outraged at the info they want from me .The questions they are asking are extensive intrusive and i do not want to give them the info they are asking for it is none of their business.Some of the questions are personal i am sure its so they can use the information for their own purposes its more like a advertisers survey they do to target adds at you.I spent ages filling it in before i got annoyed at the info they wanted.and stopped Do we have to fill this in because i will be moving banks if i have to?

Farfetch

CARPMAN said:

I have received this privacy survey and i am outraged at the info they want from me .The questions they are asking are extensive intrusive and i do not want to give them the info they are asking for it is none of their business.Some of the questions are personal i am sure its so they can use the information for their own purposes its more like a advertisers survey they do to target adds at you.I spent ages filling it in before i got annoyed at the info they wanted.and stopped Do we have to fill this in because i will be moving banks if i have to?

See step 2) they are telling you that they may not offer you services any more. If you don't want to supply it, don't, and expect them to close your account.