Latest HSBC safeguard letter

pcatpurrs

Hi all - I see from old threads on this forum and others, as well as news pieces, that this was an issue for many HSBC customers in the mid 2000s.  I'm now the subject of one of these so-called 'safeguard' reviews, puportedly to "update my details".  

It took a long time to get them to stop obfuscating about what they wished to ask me and give me a bit more detail - in which time they blocked access to mobile and online banking, effectively blocking banking for me as I am currently abroad.  But  now that they have finally told me more (and directed me to a questionnaire they sent via secure message but I didn't see) - I find that their questions are far from simply updating my details.  They're very wide-ranging and intrusive.

I'd therefore like advice or help on what I legally have to answer - and what rights I have.  Surely many of the questions they ask (where I pay tax, sources of income and amounts, etc) breach privacy laws - or are they permitted to demand answers to these questions.

I have banked with HSBC UK since they were the Midland - i.e. for about 40 years.  I now use them very little and purely for paying household expenses.  All the information they could possibly need is there in my accounts which are extremely simple.

As many people on this forum and others have advised people in my situation, I now feel like moving my accounts completely rather than jump through their questionable hoops.  Especially as I no longer trust a bank who've been as evasive and duplicitous as they have in even presenting their so-called review.   Various people have observed that what they are doing is not conducting AML reviews but carrying out marketing surveys.  That would certainly make sense.

Any advice would be very welcome.

Ayr_Rage

Two choices in reality.

1. If you wish to continue banking with HSBC fill in the questionnaire, it's Know Your Customer, not just AML.

2. Leave.

As you said you are abroad it's absolute lunacy not to have a second account with some emergency funds so get another account open as soon as you can.

MattMattMattUK

You can comply or leave, but they will not release any funds in the account until you comply. It is not a breach of any laws, but required by AML and KYC legislation and regulations.

All UK (and EU) banks will require the same information and most UK banks will not allow you to have an account whilst not resident in the UK, or will make you jump through additional hoops.

wmb194

pcatpurrs said:

Hi all - I see from old threads on this forum and others, as well as news pieces, that this was an issue for many HSBC customers in the mid 2000s.  I'm now the subject of one of these so-called 'safeguard' reviews, puportedly to "update my details".  

It took a long time to get them to stop obfuscating about what they wished to ask me and give me a bit more detail - in which time they blocked access to mobile and online banking, effectively blocking banking for me as I am currently abroad.  But  now that they have finally told me more (and directed me to a questionnaire they sent via secure message but I didn't see) - I find that their questions are far from simply updating my details.  They're very wide-ranging and intrusive.

I'd therefore like advice or help on what I legally have to answer - and what rights I have.  Surely many of the questions they ask (where I pay tax, sources of income and amounts, etc) breach privacy laws - or are they permitted to demand answers to these questions.

I have banked with HSBC UK since they were the Midland - i.e. for about 40 years.  I now use them very little and purely for paying household expenses.  All the information they could possibly need is there in my accounts which are extremely simple.

As many people on this forum and others have advised people in my situation, I now feel like moving my accounts completely rather than jump through their questionable hoops.  Especially as I no longer trust a bank who've been as evasive and duplicitous as they have in even presenting their so-called review.   Various people have observed that what they are doing is not conducting AML reviews but carrying out marketing surveys.  That would certainly make sense.

Any advice would be very welcome.

Your choice is to comply or have the account closed. Where you pay tax (where you're domiciled) and sources of income are standard questions when e.g., opening new accounts.

Are you still an expat? Being abroad a lot may have peaked HSBC's interest.

https://forums.moneysavingexpert.com/discussion/comment/42992344#Comment_42992344

Ayr_Rage

wmb194 said:

Your choice is to comply or have the account closed. Where you pay tax (where you're domiciled) and sources of income are standard questions when e.g., opening new accounts.

Are you still an expat? Being abroad a lot may have peaked HSBC's interest.

https://forums.moneysavingexpert.com/discussion/comment/42992344#Comment_42992344

Maybe even piqued their interest, haha.

wmb194

Ayr_Rage said:

wmb194 said:

Your choice is to comply or have the account closed. Where you pay tax (where you're domiciled) and sources of income are standard questions when e.g., opening new accounts.

Are you still an expat? Being abroad a lot may have peaked HSBC's interest.

https://forums.moneysavingexpert.com/discussion/comment/42992344#Comment_42992344

Maybe even piqued their interest, haha.

Ha ha, I felt it was wrong when I wrote it.