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Cifas marker removal

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Comments

  • I was banned from this forum over 15 years ago for the most innocuous comment. I appealed and it got rejected. I lurk from time to time and continue to see poor advice given from amateurs as. I have registered again today to try and help you out and give some perspective.

    I will choose my words carefully but the banker and born again are not talking sense.

    If what you say is true you have an excellent chance of getting the cifas marker removed and I do not believe it is fair. The organisation will not remove it nor will cifas but the Financial Ombudsman Service are very likely to side in your favour.

    If you have time on your hands you can read previous rulings here Financial-ombudsman website. Look for decisions-case-studies/ombudsman-decisions

    The bar is high for placing a cifas marker and the handbook is on the cifas website under /fraud-prevention-community/member-benefits/data/nfd/nfd-principles

    In order to place the marker the organisation must be satisfied under principle 4 that:

    That there are reasonable grounds to believe that a Fraud or Financial Crime has been committed or attempted; and

    That the evidence must be clear, relevant and rigorous;

    They must be confident that they could report this as such to the police.

    If you deliberately took out the money knowing there was little to no chance of paying it back and/or that money was spent on something that was not an essential you will lose.

    It will depend on:

    What your situation was at the time of application. A credit check would have been considered in ensuring a consumer is not over debted.

    What you intended to use the money for or what you declared it's use to be on any loan application form.

    What the money was used for.

    Whether there is evidence that you had overstretched so much so that you could never repay the money back, through bank statements and credit reports.

    Good luck.

  • And you must have taken steps to try and resolve it. It is normal to be confused/stressed, put your head in the sand, not immediately sort the situation out, or not immediately make contact. That does not make it a financial crime and your attempt to contact and put things in order will count for you l.
  • eskbanker
    eskbanker Posts: 35,276 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I lurk from time to time and continue to see poor advice given from amateurs as. I have registered again today to try and help you out and give some perspective.

    I will choose my words carefully but the banker and born again are not talking sense.
    If you're criticising other posters and calling them 'amateurs' then perhaps you'd care to clarify your own credentials, in terms of what qualifies you to assert that you're less amateur, i.e. presumably working in a role very close to fraud management?
  • TheBanker
    TheBanker Posts: 2,126 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I was banned from this forum over 15 years ago for the most innocuous comment. I appealed and it got rejected. I lurk from time to time and continue to see poor advice given from amateurs as. I have registered again today to try and help you out and give some perspective.

    I will choose my words carefully but the banker and born again are not talking sense.

    If what you say is true you have an excellent chance of getting the cifas marker removed and I do not believe it is fair. The organisation will not remove it nor will cifas but the Financial Ombudsman Service are very likely to side in your favour.

    If you have time on your hands you can read previous rulings here Financial-ombudsman website. Look for decisions-case-studies/ombudsman-decisions

    The bar is high for placing a cifas marker and the handbook is on the cifas website under /fraud-prevention-community/member-benefits/data/nfd/nfd-principles

    In order to place the marker the organisation must be satisfied under principle 4 that:

    That there are reasonable grounds to believe that a Fraud or Financial Crime has been committed or attempted; and

    That the evidence must be clear, relevant and rigorous;

    They must be confident that they could report this as such to the police.

    If you deliberately took out the money knowing there was little to no chance of paying it back and/or that money was spent on something that was not an essential you will lose.

    It will depend on:

    What your situation was at the time of application. A credit check would have been considered in ensuring a consumer is not over debted.

    What you intended to use the money for or what you declared it's use to be on any loan application form.

    What the money was used for.

    Whether there is evidence that you had overstretched so much so that you could never repay the money back, through bank statements and credit reports.

    Good luck.

    What I actually said was: You are doing the right thing going through their complaints procedure, and you are able to escalate to the FOS if you don't agree with the lender's response to your complaint, but I would not be hopeful of the marker being removed.

    You said: you have an excellent chance of getting the cifas marker removed.

    So we both agree that the OP should follow the complaints process and if necessary escalate their complaint to FOS. Neither of us has enough information to know how FOS are likely to determine the case. I think it's important not to give people false hope - hence my comment. 
  • Shakin_Steve
    Shakin_Steve Posts: 2,797 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    That's a very good outcome.
    I came into this world with nothing and I've got most of it left.
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