Santander freezing accounts - Unfair Terms -any ideas?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82060541#Comment_82060541

When the consequences to a Bank of being in breach of these (or many other) laws/regulations can be fines extending to millions of £, you can understand their caution, even when no rules are apparently being broken.

They may simply decide that they don't want your custom (which I'm sure you no longer want to give them) which may well be the best outcome since at that point they would presumably release your funds.

But yes, more than 4 months to investigate this seems to be excessive. That would be my matter of complaint.

friolento

It is quite conceivable that Santander have evidence, based on movements in your account(s), that one or both of you have contacts with people, abroad or in the UK, who are under investigation. Nobody on the MSE Forum can help you progress a resolution but the solicitor you have mentioned might be. If you aren't satisfied with the solicitor, can you change to a different one?

masonic

"But yes, more than 4 months to investigate this seems to be excessive. That would be my matter of complaint."

It will almost certainly be in the court-led phase by this time. The question is why the solicitor has been unable to find out about any application to a Crown Court for an extension to the moratorium period or grant of an Account Freezing Order at a Magistrates' Court.

This is where the solicitor's current focus should probably be.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82060523#Comment_82060523

A Financial Ombudsman decision stated that the Competition and Markets Authority does not have jurisdiction over financial matters. The FCA does, but you cannot complain to the FCA. You can complain to the Financial Ombudsman Service when you have exhausted Santander's complaints process.

DRS1

I wonder how Santander can answer a complaint if they are not allowed to tell the OP that they are being investigated by the authorities?

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82060791#Comment_82060791

"A business has 15 days to consider complaints about:

• fraud and scams
• payment services such as bank transfers or direct debits
• electronic money for example, online money transfers, Apple Pay or travel money cards

For most other complaints, a business has 8 weeks to consider a complaint.

The business should send you their final response before these time
limits run out. If you haven’t received a final response within the time
limits, you can refer your complaint to us."

https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/expect/time-limits

It is not clear whether the FOS can consider the complaint.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82060911#Comment_82060911

The FOS can consider the complaint, and there is precedent for them doing so in similar (but not the same) situations, for example: www.financial-ombudsman.org.uk/decision/DRN-5804534.pdf and www.financial-ombudsman.org.uk/decision/DRN-5576276.pdf

The decision text outlines the limits within which the FOS must operate, namely they can decide overall whether or not what was done was fair, given the legal and regulatory obligations placed on the firm. The FOS cannot make a finding of whether the firm is acting within its regulatory or legal resposibilities however. It also cannot provide the complainant with additional information about any investigation.

artyboy

Fundamentally though, this part of the AML system is broken. It's my past professional area, so I'm not underestimating the challenges here to balance treating customers fairly with ensuring an appropriate investigation (with no tipping off).

But as things stand, there is very little proactive effective oversight that banks are conducting these investigations in as fast a way as practical. Yes, as mentioned, there are limited mechanisms for complaint, but they are far from obvious to the average consumer.

Given banks don't really want to spend any more than they actually need to on financial crime controls, there's not much motivation for them to act with urgency here, regardless of how much they may be disadvantaging an innocent customer.

Far easier to use the 'managing risk takes time' argument, when there's no easy way to challenge that…

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82060560#Comment_82060560

Depending on the sum involved, you would also be expected to declare it to UK and Turkish customs when entering/leaving a country.

PixelPound

As stated taking large sums of money might have flagged, though I suppose it depends how the bank knew if it was cash handed over. Otherwise it could be the following

Last year, as in some previous years, we met our Iranian friends (art
administrator and choir organiser) in Turkey. We took euros to pay for
their trip as their exchange rate is bad.

If they transferred funds to your bank which you then withdrew as cash due because their exchange rate was bad, it will be this.