Forced to move ISA and GIA from InvestEngine, how to proceed?

jimjames

Rather misleading title. No one is forcing you to close your account, it's entirely your choice for not providing the information required. As you've said yourself it's a valid request if they're keeping your money safe.

I've recently had to do the same for T212 despite being with them for over 12 months.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82040012#Comment_82040012

What would you feel if someone somehow has obtained your personal data and has used it to hack into your IE online account and steal all your
funds? How would IE know that someone is not you without seeing your real photo?

Unlikely it would make any difference - unless they ask for a new selfie each time you try a withdrawal then how would they know the hacker doesn't look like the true account holder? Or do IE ask for a selfie each time you log in or try to withdraw?

The usual reason for doing this is so they can verify the person making the application or completing KYC checks is the person whose ID is being used. It stops someone trying to use stolen photo ID from actually using that ID.

PropertyGuru_Wannabe

Your logic makes no sense. why would IE not ask for ID if you go to drawdown and you change your contact details and bank account?

masonic

New requirements are in the process of being rolled out across the industry, starting with investment firms. I've had another investment provider request a selfie as an extra layer of security when I tried to make a significant withdrawal recently, and I thought that was a good thing. It was unusual activity for me, and the sort of thing I'd want flagged.

In the case of the OP, I think the reason is simpler - IE probably didn't have sufficient KYC documentation and is taking remedial action, as we've seen with other financial institutions over the years.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82040191#Comment_82040191

If it makes no sense then perhaps you've misunderstood what I wrote?

jimjames

https://forums.moneysavingexpert.com/discussion/comment/82040212#Comment_82040212

I didn't think that reply was to you but to the OP but might be wrong.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82040647#Comment_82040647

Thanks, it could be that, but the OP doesn't mention "drawdown" of their ISA and GIA, and no mention of changing their address or bank account.

It was PropertyGuru_Wannabe who raised accounts being hacked and funds stolen. Maybe I've been lucky, but all the investment platforms I've used have contented themselves with changed bank details being verified by wanting a copy of a bank statement, just to verify the account is owned by the same person… they've never asked me to provide a selfie. But from what masonic is saying it sounds like that is going to change in the future. Having to provide selfie photo ID every time you want to withdraw from a S&S ISA or GIA would be a PITB.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82040781#Comment_82040781

How do they do that when you log on from a desktop computer? Do you just upload picture of yourself?

vacheron

https://forums.moneysavingexpert.com/discussion/comment/82041083#Comment_82041083

About once every two or three weeks whenever I log into Trading 212 on my PC (I generally use my smartphone) it pops up and says I need to record a short video to verify my identity…. but my PC doesn’t have any camera connected, so I just press cancel and it goes away and lets me use the site without any restrictions. It’s been doing this for about six months now. 🤷‍♂️

masonic

https://forums.moneysavingexpert.com/discussion/comment/82041083#Comment_82041083

You would need to turn on your webcam. It's a live feed they need, and you'd need to follow instructions like turning your head from left to right or smiling/blinking.