Does a CIFAS market close all your current accounts?

lr1277

I ask this out of curiosity based on the thread started by JohnSwift10 titled 'Why More than One Current Account?'.

Does a CIFAS market affect every current account you hold, or only the account with the institution that raised the CIFAS marker?

My imagination suggests that all financial institutions subscribe to CIFAS so they can see all markers. Otherwise there would be no point. In which case if one institution raised a marker against somebody, wouldn't every other institution see that and close the current accounts of that person? Or is there insufficient information for a 2nd institution to say, that person is also my customer, I need to investigate their accounts.

[Deleted User]

All lenders can see the marker. They'll make individual decisions on your accounts 

eskbanker

Difficult to generalise but numerous posters have reported accounts being closed by institutions other than those who'd caused the marker in the first place, so yes, such markers should be visible to all, although it's not clear to me what would prompt a bank to search for such markers for existing customers, maybe there's some sort of notification service.

CIFAS markers aren't a one-size-fits-all matter though, in that some are more serious than others.