Santander - We need important information from you

550006000

Hi All,

I received a letter today saying we ' we need to make sure the information we hold of you is up to date so we can access full range of products and services. This is also to meet UK legal and regulatory obligations. 

I have an empty current account, however my mortgage is also with them.

They're asking for a lot of intrusive questions about my pension, payslips, investment, even qualifications. So I don't feel comfortable sending them all. I don't know what they will do with it or who they might sell it to. 

If I don't provide the documents, I believe they might block my account. 

I'm happy to close the account before they do so. 

If I can close my bank account, and not provide all the information they asked for will this :

Will This effect my mortgage (my mortgages is also with Santander) ? 

Will it effect my mortgage renewal if I choose to go with another lender after term finishes? 

Will it effect my credit or leave black mark on my credit? 

Nasqueron

They are following the Know Your Customer requirements from the FCA, either supply the documents (which they won't sell, they will simply use to verify your ID) or you don't and they close your account and may explore options to get rid of you from the mortgage too

550006000

Nasqueron said:

They are following the Know Your Customer requirements from the FCA, either supply the documents (which they won't sell, they will simply use to verify your ID) or you don't and they close your account and may explore options to get rid of you from the mortgage too

Given that I'm on a fixed 5 years mortgage. Can they do that?

I can provide all the details but to me it's incredibly intrusive so puts me on edge on why they need it. My mortgage application was only 7 months ago and I provided all I.D checks with bank statements. 

Grumpy_chap

Can you provide the documents in person at a branch?  You know then it is definitely Santander that receives the information.

CliveOfIndia

550006000 said:

Nasqueron said:

They are following the Know Your Customer requirements from the FCA, either supply the documents (which they won't sell, they will simply use to verify your ID) or you don't and they close your account and may explore options to get rid of you from the mortgage too

to me it's incredibly intrusive so puts me on edge on why they need it.

As Nasqueron says, all banks are required to carry out KYC checks, and they can face some pretty hefty penalties if they fail to do so.  I've heard anecdotally that Santander are perhaps rather more zealous than some others in their interpretation of the requirements, but essentially they're just following the rules mandated by the FCA.

550006000

CliveOfIndia said:

550006000 said:

Nasqueron said:

They are following the Know Your Customer requirements from the FCA, either supply the documents (which they won't sell, they will simply use to verify your ID) or you don't and they close your account and may explore options to get rid of you from the mortgage too

to me it's incredibly intrusive so puts me on edge on why they need it.

As Nasqueron says, all banks are required to carry out KYC checks, and they can face some pretty hefty penalties if they fail to do so.  I've heard anecdotally that Santander are perhaps rather more zealous than some others in their interpretation of the requirements, but essentially they're just following the rules mandated by the FCA.

Happy to send my I'd bank statement, but they're requesting payslips for 12 months. Requesting details of any trades or investment. Details of my pension. Also details of my qualifications / degree. Property sale.. Etc Just all incredibly intrusive for a bit of I.D checks. 


I'm happy to close my current account with them. But would there be any effect or my mortgage or credit if I don't respond to them? 

550006000

Grumpy_chap said:

Can you provide the documents in person at a branch?  You know then it is definitely Santander that receives the information.

They want all details to be sent electronically. Also everything 12 months. 

BoGoF

550006000 said:

Grumpy_chap said:

Can you provide the documents in person at a branch?  You know then it is definitely Santander that receives the information.

They want all details to be sent electronically. Also everything 12 months. 

What do they mean by 'electronically'? If e-mail then no way, it's not a secure medium. 

penners324

Santander's KYC requirements are ludicrously excessive. The law does not need that much information.

I'd close the current account.

They legally can't close the mortgage

550006000

penners324 said:

Santander's KYC requirements are ludicrously excessive. The law does not need that much information.

I'd close the current account.

They legally can't close the mortgage

Way too much personal information asked, extremely excessive. 

I'm going to close it shortly. 

Can they leave a mark or my credit if I don't send them the details? , I'm worried This would effect me after my 5 years fixed mortgage ends. 

35har1old

550006000 said:

CliveOfIndia said:

550006000 said:

Nasqueron said:

They are following the Know Your Customer requirements from the FCA, either supply the documents (which they won't sell, they will simply use to verify your ID) or you don't and they close your account and may explore options to get rid of you from the mortgage too

to me it's incredibly intrusive so puts me on edge on why they need it.

As Nasqueron says, all banks are required to carry out KYC checks, and they can face some pretty hefty penalties if they fail to do so.  I've heard anecdotally that Santander are perhaps rather more zealous than some others in their interpretation of the requirements, but essentially they're just following the rules mandated by the FCA.

Happy to send my I'd bank statement, but they're requesting payslips for 12 months. Requesting details of any trades or investment. Details of my pension. Also details of my qualifications / degree. Property sale.. Etc Just all incredibly intrusive for a bit of I.D checks. 


I'm happy to close my current account with them. But would there be any effect or my mortgage or credit if I don't respond to them? 

Sounds like a scam