Investec Online Flexi Savings account - Existing customers

TheGoldfish

Just wondered what people thought about Investec asking existing customers for Id when opening the Online Flexi Savings account. 

I have been able to open the new account without issues although I wasn't happy at having to providing ID as I've banked with Investec for many years but they refused to open one for my mother, also an existing customer, because she no longer has a valid driving licence or passport due to being housebound through poor health.

They say it's because the new accounts are held on a new platform. Surely that is irrelevant to the customer?

Daliah

As you/your mother have experienced, it is relevant that Investec are using a new platform for this account. They have obviously decided it is more efficient to ask all applicants to ID themselves, irrespective of whether they have or have not IDed themselves previously. There is a list of accepted documents on https://www.investec.com/en_gb/private-banking/existing-clients/private-bank-account-document-upload-SA.html

One of the documents accepted for ID is an HMRC tax code notification, which should be easy enough to obtain for an adult of any age.

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

TheGoldfish

Daliah said:

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

You seem to have missed out the option to complain.

eskbanker

TheGoldfish said:

Daliah said:

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

You seem to have missed out the option to complain.

That's still likely only to be an intermediate stopping point en route to the same ultimate choice of two actual options though....

rebecca1

I have just posted on the Small Business Forum here about a similar problem I had with Investec.. 
I tried to open a Business savings account and because I had opened and closed one before their 'platform' could not deal with the fact that the 2 directors name had come up again and declined the opening!  
That aside, to allow the opening of a personal savings account why can't Investec use the Electoral Roll information to check people out like most other Bank & Building Societies do ? 
Yesterday I decided to stop applying to open one of their Personal accounts for this very reason! 
So many hurdles to jump through for such little return !!! 

TheGoldfish

eskbanker said:

TheGoldfish said:

Daliah said:

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

You seem to have missed out the option to complain.

That's still likely only to be an intermediate stopping point en route to the same ultimate choice of two actual options though....

It really depends on how far Investec are prepared to allow the complaint to go. They are covered by the Financial Ombudsman who will be more interested in whether Investec are acting in a fair manner over anything else. Do Investec want to be charged an unnecessary Ombudsman case fee regardless of the outcome? 

eskbanker

TheGoldfish said:

eskbanker said:

TheGoldfish said:

Daliah said:

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

You seem to have missed out the option to complain.

That's still likely only to be an intermediate stopping point en route to the same ultimate choice of two actual options though....

It really depends on how far Investec are prepared to allow the complaint to go. They are covered by the Financial Ombudsman who will be more interested in whether Investec are acting in a fair manner over anything else. Do Investec want to be charged an unnecessary Ombudsman case fee regardless of the outcome? 

Financial institutions won't generally be cowed by threats to take complaints to the ombudsman as it's just a cost of doing business in this regulated space, so don't be under any illusion that the lame "this would cost you £750 if I escalate to FOS" argument actually carries any weight, but in any case FOS are unlikely to consider it unfair that a company is simply complying with its published account opening policy:

If you do already have a Fixed Rate Saver or an Online Flexi Saver, or you've had one previously, you can apply for another one via your online dashboard.

If you don't, you'll need to have the following to hand to apply for one:

• The sort code and account number of your UK current account (this will be your linked account)
• Your UK smartphone
• A passport or photocard driving licence from any country we currently support

In fact, if a regulated business was to start agreeing to deviate from its published KYC policy, that could ultimately lead to FCA action against it....

rebecca1

I have noticed that Banks such as Al Rayan and Investec seem to have more stringent KYC policies for some reason 
I queried the AL Rayan policy when opening an account and they said it was not their rules they were simply following FCA rules, when I called the FCA they knew nothing of it! 
Maybe these banks should change their KYC policies in line with most other UK Banks and Building Societies. 
I hardly think that checking the electoral role would lead to FCA action against it....    

eskbanker

rebecca1 said:

I have noticed that Banks such as Al Rayan and Investec seem to have more stringent KYC policies for some reason 
I queried the AL Rayan policy when opening an account and they said it was not their rules they were simply following FCA rules, when I called the FCA they knew nothing of it! 
Maybe these banks should change their KYC policies in line with most other UK Banks and Building Societies. 
I hardly think that checking the electoral role would lead to FCA action against it....    

Is there any evidence that Investec aren't checking the electoral roll, i.e. is their visual ID inspection instead of or as well as the usual electronic check?

I wasn't suggesting that checking the electoral roll in itself would lead to FCA action, but that once they've declared a KYC policy, their scope to deviate from it will be limited.  As I understand it, the FCA rules around KYC aren't prescriptive about exactly which methods of ID verification are deemed acceptable, so the institutions who choose more onerous processes are unlikely to be considered unreasonable solely on the basis that others are happy to use simpler versions.

tigerspill

Daliah said:

As you/your mother have experienced, it is relevant that Investec are using a new platform for this account. They have obviously decided it is more efficient to ask all applicants to ID themselves, irrespective of whether they have or have not IDed themselves previously. There is a list of accepted documents on https://www.investec.com/en_gb/private-banking/existing-clients/private-bank-account-document-upload-SA.html

One of the documents accepted for ID is an HMRC tax code notification, which should be easy enough to obtain for an adult of any age.

Your/your mother’s options are simple: choose to comply with the Investec terms, or choose a different provider.

And sadly on this new platform they wont currently let you open a Flexi and a one year fixed savings account!
I had plans to open both.  Opened the Flexi, then tried to open the 1 year fixed.  It wouldn't let me.

Then had an online chat with them and they said they were still testing their new platform and gaining confidence.  Only when they had confidence would they open up for customers to have both accounts.

It doesn't inspire confidence and there was no warning that I couldn't do this.  So They have screwed up my savings plans.

Very amateurish (at best).

rebecca1

Surely they have been around and operating in the UK long enough to gain confidence ... never heard any other banks/building societies stating that! Unbelievable and FAR from professional!