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Santander Investment & Data Protection
kingsGambit
Posts: 3 Newbie
Is it unusual to have to provide sensitive financial information (i.e. savings, investments, salary, expenditure etc) in order to open an investment ISA at a bank? This is what was requested of me at my local Santander branch as part of this "financial fact find", which I was told is a requirement to apply for their product. I wasn't happy but still went through with the process after which I decided I needed more time to decide on a suitable fund and was provided some documents to review at home.
One of the documents on data protection states that the information I submitted will be used by Santander group companies whether I become a customer or not. It also states that the information may be shared with countires NOT protected by UK Data Protection Act and that the information may be used for product promotion and market research!
I can't believe that this document was not presented to me prior to me agreeing to share my personal information. I was just told verbally that the information is protected by the UK Data Protection Act...
I feel like I've been conned. Can the banks get away with this sort of thing? I'm thinking about making a complaint....
Any advice?
(Also the service from the Santander representative was terrible)
One of the documents on data protection states that the information I submitted will be used by Santander group companies whether I become a customer or not. It also states that the information may be shared with countires NOT protected by UK Data Protection Act and that the information may be used for product promotion and market research!
I can't believe that this document was not presented to me prior to me agreeing to share my personal information. I was just told verbally that the information is protected by the UK Data Protection Act...
I feel like I've been conned. Can the banks get away with this sort of thing? I'm thinking about making a complaint....
Any advice?
(Also the service from the Santander representative was terrible)
0
Comments
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No.Is it unusual to have to provide sensitive financial information (i.e. savings, investments, salary, expenditure etc) in order to open an investment ISA at a bank?
They are correct.his is what was requested of me at my local Santander branch as part of this "financial fact find", which I was told is a requirement to apply for their product.
Only if you dont opt out of that.One of the documents on data protection states that the information I submitted will be used by Santander group companies whether I become a customer or not. It also states that the information may be shared with countires NOT protected by UK Data Protection Act and that the information may be used for product promotion and market research!
Santander retail their regulated products via advice. That means going through their advice process. I dont believe they have an execution only service as no-one who knows what they are doing would buy their products. So, there isnt a need for it.Any advice?
To be honest, it sounds like you need advice (of you think their investment products are good). However, getting it from Santander is not a good idea.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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