Keep Physical Documents Says UK government

Section62

https://forums.moneysavingexpert.com/discussion/comment/82180393#Comment_82180393

On balance, I'd guess the social good of helping to keep the universal postal service viable would more than offset the environmental impact of using recycled paper and vegetable-based inks to produce statements sent through the post. Especially if the commercial printers aren't using oversize plastic 'cartridges' containing a few ml of ink that home printing typically involves.

SiliconChip

@eskbanker

"I don't really think it was a piece of advice as such, but if this was to become government policy it would be disseminated through the usual channels, including the NCSC site promoted by the minister, rather than an 'on the hoof' reaction to a multi-subject question in a brief TV interview."

You'd like to hope that would be the case, but the Speaker recently gave the Energy Minister (in the absence from the House of the Secretary of State) a severe dressing down because the approval of the Jackdaw gas field was given to the press before it was announced to MPs, and that's been happening under various governments for many years now.

https://www.politics.co.uk/2026/10/speaker-rages-at-appalling-treatment-of-mps-over-jackdaw-announcement/

redux

When I asked to close an account at a certain credit union, they wanted me to email pictures of proofs of identity and address, for instance driving licence or passport, letter from bank or utility company

For address proof, I sent a letter from the credit union itself. I got into a phone argument with a staff member who said this was not valid as proof. I said don't be daft, this is exactly how several types of security work, including code sent by letter or phone. Not only that, you are proposing to send a cheque on closure, rather than bank transfer. To what address, if not this one?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82180479#Comment_82180479

Yes, as you say, there have been other examples of disrespecting the House in similar ways, but here I think it would be a stretch to consider this interview to be meeting this standard:

The ministerial code, the official rulebook that sets out the standards of conduct expected of all government ministers, outlines that “the most important announcements of government policy should be made in the first instance in parliament.” 

However, it still seems academic to me, as I haven't seen any evidence that there actually has been a change in government policy as such!

GTR_King

Digital statements are a great idea, but when banking systems go down or you can’t access your account, physical copies can be much more useful! 📄

Banks should consider adding security watermarks or verification features to digital statements, similar to Starling Bank, so companies can check that documents are genuine and not fake. This could encourage more organisations to accept digital statements as proof of identity, address or income.

Banks should also consider using recycled paper and environmentally friendly ink for printed statements. Alternatively, they could introduce a small, reasonable charge of around £2–£5 per month, either per account or covering all accounts held with the same bank, to help cover printing and postage costs.

Of course, digital statements have advantages, as they can be accessed online and don’t take up physical space. However, paper statements can get lost in the post or be opened by someone else, while digital documents can also carry security risks if accounts are compromised.

Personally, I still prefer paper statements because I like having physical records to keep and refer back to. However, I appreciate that paper statements can create clutter, take up storage space and eventually leave people with the hassle of shredding years’ worth of documents.

The best solution would be to give customers a genuine choice: secure, verifiable digital statements for those who prefer them, and reliable paper statements for those who value having a physical record. Both options have their place! 😊

eskbanker

Digital statements are a great idea, but when banking systems go down or you can’t access your account, physical copies can be much more useful!

But, putting to one side the apocalyptic bank collapse scenario discussed earlier, exactly how does a physical copy help when banking systems go down or you can’t access your account, other than being able to see how much money you had (and what you spent it on) last month?

GeoffTF

Personally, I still prefer paper statements because I like having physical records to keep and refer back to. However, I appreciate that paper statements can create clutter, take up storage space and eventually leave people with the hassle of shredding years’ worth of documents.

Paper statements are not much use if your house gets burned down (or is blown up). It would be helpful if the electronic statements were cryptographically signed so that their integrity and authenticity could be verified. If you have large numbers of documents it is much easier to manage them in an electronic system.

GeoffTF

There is also the question of whether your money still exists after your bank and its records have been destroyed. If the economy is still intact, the answer may be yes. IIRC the 1950s advice for the aftermath of a nuclear war (before the H-bomb) was that the the only savings that would be honoured were National Savings Certificates.

dcs34

^ This is akin to my viewpoint that everyone proclaiming gold as the only 'safe bet' for some doomsday scenario seems to overlook the point that if their gold is "stored" in an app on their phone, then it'll be about as useful in that event as your bank statements or paper money would be.

Seems to me that if that's your incentive to buying gold (as opposed to a pure investment gambit) then it's only worth doing so if you're getting actual physical gold that you can stash under the mattress, ideally split into handy tradable portions for whatever barter economy emerges following the collapse of the global financial system and the chaos as society collapses?

A cheery thought for a Sunday afternoon!

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/82180515#Comment_82180515

Aside from the main topic here, there are good reasons for keeping secure copies of financial documents:

• People sometimes completely lose track of old share holdings, pensions and financial accounts.
• You may need your financial records if HMRC questions your past tax returns (or lack of them).
• You may have to prove Source of Funds or Source of Wealth. The latter can involve life time accounting. You may need records that your financial service providers have long since deleted. The future could be more dystopian.