hsbc 'Safeguard' letter

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  • Shakin_Steve
    Shakin_Steve Posts: 2,708 Forumite
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    I closed my account with Santander shortly after their acquisitions of Alliance& Leicester and Abbey National. The IT system just couldn't cope and the staff at my local branches of A&L and Abbey were fire fighting every day.
    I came into this world with nothing and I've got most of it left.
  • northwalesd
    northwalesd Posts: 1,174 Forumite
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    18cc wrote: »
    The date you moved into your house is easily findable by looking at the many websites that show when a selected house was last sold.

    That does assume 'you' bought the house and didn't move in with someone who was the current owner.
  • spenderdave
    spenderdave Posts: 676 Forumite
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    Yesterday I received an email from HSBC saying they need to 'update my personal details' and I should log in and follow the instructions in the safeguarding message I will see in my online messages (they say 'click on the envelope symbol'). When I did that last night there was no sign of this mysterious safeguarding message.

    From the headers the message certainly came from HSBC and has no nasty links to click to take me to my account so doesn't appear to be phishing.

    Anybody else had this and what is it about?
  • Bankquerier
    Bankquerier Posts: 1 Newbie
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    Today I complained to HSBC that the "safeguarding" demands were invasive and unnecessary. I asked for the reasons and she somewhat guilelessly said they were to help facilitate the process if I ever want to take out a loan! Previously I had said that I felt I was being profiled in order to be sold products and what she then said confirmed this. I saw that another contributor had heard something similar from an HSBC friend/employee. I am refusing to comply and if they bully me I will find another bank.
  • born_again
    born_again Posts: 14,606 Forumite
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    Bankquerier said:
    Today I complained to HSBC that the "safeguarding" demands were invasive and unnecessary. I asked for the reasons and she somewhat guilelessly said they were to help facilitate the process if I ever want to take out a loan! Previously I had said that I felt I was being profiled in order to be sold products and what she then said confirmed this. I saw that another contributor had heard something similar from an HSBC friend/employee. I am refusing to comply and if they bully me I will find another bank.
    It's all about "Know your customer" Regulators want banks to keep on top of customers details. Security is also another reason for keeping your details up to date.
    It's amazing the number of people who move and never update details, many of these emigrate. So I guess that they think they are keeping their UK account open, when it often should be shut. Remember banks send stuff like offers and cards out to the details they hold. So anyone could get hold of them.
    Same with not updating phone no's. Any issues with the account usually means a call or text. Same with 2FA.
    Same with change of circumstances. While you may think they do not need to know. It can work in your favour.

    So it is really in your interest to keep them updated.
    Life in the slow lane
  • boo_star
    boo_star Posts: 3,202 Forumite
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    born_again said:
    Bankquerier said:
    Today I complained to HSBC that the "safeguarding" demands were invasive and unnecessary. I asked for the reasons and she somewhat guilelessly said they were to help facilitate the process if I ever want to take out a loan! Previously I had said that I felt I was being profiled in order to be sold products and what she then said confirmed this. I saw that another contributor had heard something similar from an HSBC friend/employee. I am refusing to comply and if they bully me I will find another bank.
    It's all about "Know your customer" Regulators want banks to keep on top of customers details. Security is also another reason for keeping your details up to date.
    It's amazing the number of people who move and never update details, many of these emigrate. So I guess that they think they are keeping their UK account open, when it often should be shut. Remember banks send stuff like offers and cards out to the details they hold. So anyone could get hold of them.
    Same with not updating phone no's. Any issues with the account usually means a call or text. Same with 2FA.
    Same with change of circumstances. While you may think they do not need to know. It can work in your favour.

    So it is really in your interest to keep them updated.
    It has nothing to do with this.

    HSBC are simply twitchy as hell after they got fined $1.9bn because of their terribly bad systems that allowed drug cartels, among others, to launder vast amounts of money through their systems.

    No other bank, that I know of, is anywhere near as twitchy as HSBC.  But then again no other bank has been caught laundering money for Mexican drug cartels.
  • Ballard
    Ballard Posts: 2,853 Forumite
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    boo_star said:
    born_again said:
    Bankquerier said:
    Today I complained to HSBC that the "safeguarding" demands were invasive and unnecessary. I asked for the reasons and she somewhat guilelessly said they were to help facilitate the process if I ever want to take out a loan! Previously I had said that I felt I was being profiled in order to be sold products and what she then said confirmed this. I saw that another contributor had heard something similar from an HSBC friend/employee. I am refusing to comply and if they bully me I will find another bank.
    It's all about "Know your customer" Regulators want banks to keep on top of customers details. Security is also another reason for keeping your details up to date.
    It's amazing the number of people who move and never update details, many of these emigrate. So I guess that they think they are keeping their UK account open, when it often should be shut. Remember banks send stuff like offers and cards out to the details they hold. So anyone could get hold of them.
    Same with not updating phone no's. Any issues with the account usually means a call or text. Same with 2FA.
    Same with change of circumstances. While you may think they do not need to know. It can work in your favour.

    So it is really in your interest to keep them updated.
    It has nothing to do with this.

    HSBC are simply twitchy as hell after they got fined $1.9bn because of their terribly bad systems that allowed drug cartels, among others, to launder vast amounts of money through their systems.

    No other bank, that I know of, is anywhere near as twitchy as HSBC.  But then again no other bank has been caught laundering money for Mexican drug cartels.
    KYC is all about spotting money laundering so it’s everything to do with it. 
    I hate verisimilitude.
  • robatwork
    robatwork Posts: 7,103 Forumite
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    I've had this request to complete information several times. HSBC isn't my main account so I'm not that bothered if they get stroppy and flounce me, but I've filed the request in my recycle bin each time. Nothing has happened.
  • judyledger33
    judyledger33 Posts: 1 Newbie
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    HSBC safeguarding for business, is an utter nightmare. Need to change - recommendations for a sensible bank? 
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