Amex insisting on having my annual income and occupation

Momanns

Just updates in the law/regulation around KYC/CDD. The requirements differ from 11 years ago and they are required to update their records or face being in breach of laws/regs around AML. You can absolutely close your account as others have suggested, but any application elsewhere will ask for the exact same information. 

Chino

Momanns said:

Just updates in the law/regulation around KYC/CDD.

What specifically are these "updates" that you refer to?

p00hsticks

Chino said:

Momanns said:

Just updates in the law/regulation around KYC/CDD.

What specifically are these "updates" that you refer to?

Probably this

https://www.legislation.gov.uk/uksi/2017/692/contents

paul_c123

p00hsticks said:

Chino said:

Momanns said:

Just updates in the law/regulation around KYC/CDD.

What specifically are these "updates" that you refer to?

Probably this

https://www.legislation.gov.uk/uksi/2017/692/contents

And where in that legislation does it REQUIRE the bank to know the annual income and occupation? There is a requirement to identify, and obligations to carry out due diligence for assessing eg affordability, but no requirement to know the info in the OP/title of thread.

andyeyeam

longjohnjohnson said:

paul_c123 said:

p00hsticks said:

Chino said:

Momanns said:

Just updates in the law/regulation around KYC/CDD.

What specifically are these "updates" that you refer to?

Probably this

https://www.legislation.gov.uk/uksi/2017/692/contents

And where in that legislation does it REQUIRE the bank to know the annual income and occupation? There is a requirement to identify, and obligations to carry out due diligence for assessing eg affordability, but no requirement to know the info in the OP/title of thread.

It doesn't matter.

They can ask anything. You can decline.

If you decline, they can stop doing business with you.

(And before some wet blanket chimes in with "but what about protected charectwertics *sob sob sob* it was a given that those were not involved.)

You have misspelled the word  "characteristics"

mcpitman

paul_c123 said:

p00hsticks said:

Chino said:

Momanns said:

Just updates in the law/regulation around KYC/CDD.

What specifically are these "updates" that you refer to?

Probably this

https://www.legislation.gov.uk/uksi/2017/692/contents

And where in that legislation does it REQUIRE the bank to know the annual income and occupation? There is a requirement to identify, and obligations to carry out due diligence for assessing eg affordability, but no requirement to know the info in the OP/title of thread.

And how do you assess affordability without knowing a key factor (income), or job stability, length of employment etc?

Strange way to look at this form some people, you are borrowing, or have an instant drawdown/credit facility from Amex.

How very dare they ask how you expect to repay their money they have already leant to you? And what job provides that income?

Ebe_Scrooge

Remember, credit is a privilege not a right.  A bank offers to lend you money, they state their terms and conditions.  You're free to accept or decline their offer, depending on whether you choose to to accept or decline their T&Cs.  End of.

emmajones1976

The way some people are going off about this you would think they work in people trafficking or drug dealing 🤣

Jasonh2015

Every provider asks for this information, it can go to affordability, change in circumstances. They're free as are you not to do business with them if you find their requirement too intrusive. But when you apply for a credit card/loan they're going to ask you and may ask you again at at later late to keep their records up to date.

If it's that much of an issue, just close your account.

born_again

paul_c123 said:

And where in that legislation does it REQUIRE the bank to know the annual income and occupation? There is a requirement to identify, and obligations to carry out due diligence for assessing eg affordability, but no requirement to know the info in the OP/title of thread.

And how else are they going to work out affordability checks.

Remember all the people that FCA said were due refunds as the Pay Day Loan co's had not run affordability checks on who they were lending too..

Well it's payback time.