Applied for financial investment product name flagged and have been asked to confirm no convictions?

Rich2808

Recently applied for a stocks and shares ISA with a UK bank. They have emailed me back to say that in order for them to proceed further they want me to confirm if I have ever been charged with a criminal, civil or regulatory offence in the last 3 years other than a driving/parking ticket offence. Apparently my name has been 'flagged for review' following 'a match against public databases'.

I don't have any convictions at all - and have no CIFAS or other notices on my credit reports (at least as far as I am aware).

I don't really understand the point of the question anyway - as surely if I said No and I did have convictions they would find out anyway?

Should I be concerned about this request from them - as it is just so random? I feel like I am being accused of being a criminal - when I am not - and frankly don't want to proceed at all with the application now as a result.

Any thoughts welcome!

HappyHarry

There could be all sorts of reasons why. Perhaps someone with the same name has defrauded them before, perhaps someone with the same name has defrauded other banks before. Perhaps someone with the same name has committed such heinous crimes that the ISA provider does not wish to be associated with them.

You just answer the question and don't take it personally - someone with the same name as you has triggered something in their account opening procedures.

If you were the person they are actually concerned about and answer "No" to their question, then they will likely find out and possibly close the account as it had been opened fraudulently.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81869225#Comment_81869225

Thanks - but your last sentence sort of proves my point that the inquiry is pointless.

What is the point of asking the question - as a genuine fraudster would lie anyway and presumably be found out. So how does this in anyway provide them with what they need to finalise my application?

And if I say no and it turns out there is something on a database that says I have been charged with a crime that i know nothing about - then it is perhaps concerning no? Could the police have lodged me as the person charged with a crime when it was someone else with the same name at a totally different address? My name isn't that common say like John Smith.

I provided my address on application and have lived here for over a decade and no one else of that name lives here? How is this happening randomly then?

So should I be applying for a basic DBS check then - as this could have wider implications?

la531983

How do you think you have been "charged with a crime you know nothing about"?

Just tell them no, your mind is going at a mile a second here.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81869276#Comment_81869276

Well wouldn't yours.

They have my name date of birth and address - and ask me that. I am the only person in the UK who lives at this address, has my name and my date of birth!

I feel sorry for any John Smiths applying to them - there must be dozens of John Smiths charged with offences in the UK since 2022! Does every John Smith get flagged with them then?

la531983

Not really, I dont have a particulariy common first name/surname combo yet I live in the same urban area as someone with the same first name/surname combo who was recently convicted for stabbing someone.

If you have actually done nothing wrong I am not sure why the panic exists.

HappyHarry

You are sounding upset and cross with the bank. Don’t be - this not personal they are just following their account opening procedures.

However, opening a ISA account is really not worth the distress. If you are worried then just open an ISA with a different provider - there are many to choose from.

Jumblebumble

https://forums.moneysavingexpert.com/discussion/6653705/applied-for-financial-investment-product-name-flagged-and-have-been-asked-to-confirm-no-convictions

2 separate things in play here

One is that no one is accusing you of anything. The banks regulator may insist on them asking for these details under KYC

The second is to discover which public database the bank used to see if it has false details

I would ask the bank which Database via a SAR

I would suspect it may be National Hunter and would submit a SAR which is free to do

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81870022#Comment_81870022

Thanks.

I have done the free CIFAS and National Hunter SAR. The company called me and I informed them I didn't have any convictions or arrests but also stated I wanted to withdraw my application anyway.

If they require clients who don't have criminal records or been arrested/charged for fraud (as you would) they could of course just ask the question for everyone as part of the application process? Then do the usual money laundering/credit checks.

I just didn't like their approach i.e. some database says you might be a criminal or a fraudster based in your name but if you tell us you weren't then that is fine - question seems pointless as a fraudster would lie anyway! If that is their logic I wouldn't trust them to manage my money anyway!

Maybe not everyone would get a little irritated or stressed by that question - but it could cause some people unnecessary stress to be told some database has them recorded as a potential crook or a fraudster or have been arrested - when they haven't. Sorry if some people might just take that a bit 'personally'!