The Cashback for Bank or Investment Accounts Discussion Thread

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81873647#Comment_81873647

Not really why they are asking the question. If you are a person defined under the criteria as "politically exposed" then the institution is mandated to carry out extra checks and due diligence before doing business with you.

Much easier to just decline your application.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81873683#Comment_81873683

Indeed, but why ask the question? If they can identify you as PEP, then they will. If they cannot, then they are relying on your honesty. Given the criteria also includes family members and business associates of said individuals, then the question isn't even a very good one.

flaneurs_lobster

Indeed, but why ask the question? 

Because the regulator says they have to. If you lie, get yourself compromised and launder £££ through this account for the bad people then they have covered their !!!!!!. bottoms.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81873740#Comment_81873740

Many firms do not ask the customer directly. Where does it say they must? I see some suggestions from the FCA here and here about the checks a firm is expected to perform to identify such people, but asking them to volunteer the information isn't among them.

The latter document also says: "We expect that a firm will not decline or close a business relationship with a person merely because that person meets the definition of a PEP (or of a family member or known close associate of a PEP). A firm may, after collecting appropriate information and completing its assessment, conclude the risks posed by a customer are higher than they can effectively mitigate; only in such cases will it be appropriate to decline or close that relationship."

Only the honest ones will be impacted by being asked this question. The ones that want to accept some bribes will lie.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81872959#Comment_81872959

I got the same question - a little unnerving as you say! It so unnerved me that I decided to do an SAR with CFAS and National Hunter in case there was a fraudster with a similar name to me who lived in my area and he had got mixed up with me?

I missed the deadline for the previous offer - and too early for this new £200 one - so just withdrew my application (after confirming I was not in fact a criminal - beyond having a criminal desire to get free money of course!!).

artyboy

it seems that IG is taking the same robust approach to its sanctions/negative news/PEP screening as the UK Government does in checking up on its potential ambassadors.

"Are you dodgy"

"No"

"Oh well, that's fine then"

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81873607#Comment_81873607

What does holding a political or government position even mean - define position (do they mean job or opinion)?

Does say 'holding a government position' include working for a local council, the civil service or the NHS. Does 'holding a political position' mean ever having held a position or opinion on a political matter. Presumably close to 100 per cent of people could answer yes?

And so what anyway. What a lot of nonsense!

Oranda

https://forums.moneysavingexpert.com/discussion/comment/81874334#Comment_81874334

Yes, very odd. However, confirmed I hadn't and account was approved this morning. Hopefully £200 better off later in the year!

pecunianonolet

Santander TCB

Has anyone after receiving cashback closed down any of the Easy Acees and Limited Saver, like the easy ones with low interest rates anyway, and reopened through TCB/Quidco again for a second round cashback?

It's just too easy as a money maker so not sure but couldn't see or find anything that would prevent me from doing it.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81874833#Comment_81874833

Might give it a go. Now all cashback's been paid out, I've closed down any unwanted accounts (2x Santander, 2x Cahoot), so could try for another round of cashback. I'll let you know if it works out.