Opening a broker account with H & L and / or Vanguard with criminal record

dedalus83

Hello,

Do H & L  and Vanguard allow the opening of a Shares and Stock ISA from someone with a criminal conviction for parking fraud?

Thanks

dunstonh

Opening a broker account with H & L and / or Vanguard with criminal record

Just for reference, Vanguard does not offer brokerage services.

A criminal record is not a problem in the majority of cases.  Indeed, most won't show on their electronic checks.  However, if there was adverse media around your case or it involved financial crime then it could do.   The latest electronic checks highlight such things.   

Parking fraud is a bit generic.   Trying unlawfully to get out of a single ticket almost certainly won't appear (unless it had media coverage).    Whereas, wholesale fraud against consumers almost certainly will appear and it's then up to each financial company to decide whether you want you as a customer or not.

dedalus83

thanks Dunstoh, do the latest checks apply to existing platform clients?

the conviction is for one count of blue badge fraud.

dunstonh

do the latest checks apply to existing platform clients?

Every financial firm decides what software it uses and how it treats outcomes from the information it learns.  And how often they re-run the checks.

the conviction is for one count of blue badge fraud.

That wont be an issue

dedalus83

dunstonh said:

do the latest checks apply to existing platform clients?

Every financial firm decides what software it uses and how it treats outcomes from the information it learns.  And how often they re-run the checks.

the conviction is for one count of blue badge fraud.

That wont be an issue

thanks.

even of the conviction is under the fraud act?

MX5huggy

How would they know?

Does this show on a credit check? 

They don’t have access to Criminal Records Check. 

dedalus83

if the local press reports the case.

As Dunstoh specified, they run adverse media checks which will pick up google links.

Reg_Smeeton

dedalus83 said:

if the local press reports the case.

As Dunstoh specified, they run adverse media checks which will pick up google links.

I opened an account at my local building society as a new customer a few years ago, and my name was flagged up when the customer service advisor put my details into the computer. She left the cubicle and spoke to the supervisor who cleared that she could proceed.

I never challenged it at the time, the only thing I can think of is my name had recently been in the press in my capacity as a trade union activist and involvement in the anti austerity movement. Never had the problem before or since.

Section62

Reg_Smeeton said:

dedalus83 said:

if the local press reports the case.

As Dunstoh specified, they run adverse media checks which will pick up google links.

I opened an account at my local building society as a new customer a few years ago, and my name was flagged up when the customer service advisor put my details into the computer. She left the cubicle and spoke to the supervisor who cleared that she could proceed.

I never challenged it at the time, the only thing I can think of is my name had recently been in the press in my capacity as a trade union activist and involvement in the anti austerity movement. Never had the problem before or since.

In the past I've had a few wobbles from staff when opening accounts face-to-face when I gave my occupation - it seemed to relate to the concept of "Politically Exposed Person" and a belief that anyone involved in anything 'Political' could be a PEP.  Maybe something like that could have applied in your case?

For the OP, the Fraud Act is used to prosecute serious misuse of Blue Badges because the benefits conveyed by having a Blue Badge are considerable (e.g. not paying £15/day congestion charge in London) so the enforcement regime is relatively tough to act as a deterrent.  None of us can predict what a financial institution will decide (if they even have the information), but in terms of 'seriousness' it is likely to rank alongside a conviction for not paying a train fare or similar.  (assuming you weren't the mastermind behind a fake Blue Badge manufactuing scheme)

dedalus83

I asked HL directly this morning via email listing the charge and they came back they would still allow me to open an account.

maxsteam

dedalus83 said:

Hello,

Do H & L  and Vanguard allow the opening of a Shares and Stock ISA from someone with a criminal conviction for parking fraud?

Yup. Try opening an account and see what happens.

I'm not sure if parking fraud is a criminal or a civil offence. Either way, the best method to see if you can open an account is to fill in the forms and see what happens.