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UK banks to stop access to funds

UK banks to stop access to funds

Old Oct 12th 2017, 12:18 am
  #46  
 
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Default Re: UK banks to stop access to funds

Originally Posted by petitefrancaise
Good grief. Do you have nothing better to do than think up possible scenarios? .....
Have you only just discovered the Wit and Wisdom of MrKen?
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Old Oct 12th 2017, 12:24 am
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Default Re: UK banks to stop access to funds

I have been involved of several implementations of systems looking up data from other systems and it's not exactly a black and white science. More often than not there are exact matches, no matches and a lot of ambiguous matches, that quite often have to be dealt with manually.

For example, how many people called "Tariq Ahmed" live in the UK, both legally and illegally? How do you differentiate? Even more of a problem if a legally entitled person with that name does not live in the UK and does not have a British Passport or driving license?

It must be nice to live in a perfect world without problems.

You also have to remember most banks systems are quite old and they use off shore developers.

Last edited by mrken30; Oct 12th 2017 at 12:29 am.
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Old Oct 12th 2017, 12:38 am
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
.... For example, how many people called "Tariq Ahmed" live in the UK, both legally and illegally? How do you differentiate? .....
Again I must refer you to the article that you linked, matches are made:
.... using the individual’s name, date of birth, and address. ....
Even allowing for a couple of degrees of fuzzy match, in addition to a name match, you would likely to have to have the same birth year, AND live in the same town to even potentially be caught up in a false positive match.
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Old Oct 12th 2017, 12:43 am
  #49  
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Default Re: UK banks to stop access to funds

You have a 1 in 365 chance of having the same birthday as another person with the same name. In a city like London with several million people, what is the likelyhood of getting 2 matches in the same city? Yes you could break it down into smaller areas, if the data allowed you to do that.
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Old Oct 12th 2017, 1:00 am
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
You have a 1 in 365 chance of having the same birthday as another person with the same name. ....
No you don't, you have to multiply that by about 70 to get the probability of some having the same date of birth, but in any case you are likely to be swept up as a "possible match" by a computer search if you were born in the same year as the bad guy and then sent for a manual review.
.... In a city like London with several million people, what is the likelyhood of getting 2 matches in the same city? Yes you could break it down into smaller areas, if the data allowed you to do that.
You forgot the names component, and picking London is an extreme example, perhaps say Leicester would be more typical.

So what's the probability of someone with the same name and of the same age (year, never mind day and month), living in the same city, and not obviously being a different person that can't be cleared quickly (within say one day) of being a "good" match.
? Even if your name is John Smith, or Abdul Mohammed the chances of you being falsely inconvenienced is pretty low.

A lot of this speaks to what I have been telling people on the wires/ money transfer threads here on BE for several years: banks don't Iike surprises. It just makes sense to keep your bank informed of any large or unusual transactions. Make sure that they have your current address, and have your correct full name, and your correct date of birth.

If you are concerned, as obviously you are, ask your bank for a report of all the data they hold on you, as is your right under the Data Protection Act, then make sure that it is both correct and complete.

In other words make it as [i]easy as possible[i] for your bank to distinguish you from whichever bad guy they are looking for.

Last edited by Pulaski; Oct 12th 2017 at 1:07 am.
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Old Oct 12th 2017, 2:54 am
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Default Re: UK banks to stop access to funds

If you use address as a factor, all you need to do to get removed off the list is move house.

I am not really sure how to request a freedom of information request outside of the UK. But that is a good idea maybe.
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Old Oct 13th 2017, 6:42 am
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
If you use address as a factor, all you need to do to get removed off the list is move house.

I am not really sure how to request a freedom of information request outside of the UK. But that is a good idea maybe.
Re the UK bank accounts you're worried about - what address do the banks have for you?
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Old Oct 13th 2017, 12:26 pm
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Default Re: UK banks to stop access to funds

Originally Posted by spouse of scouse
Re the UK bank accounts you're worried about - what address do the banks have for you?
A US address. I got the following in an email today, but I have no idea what ring fencing implies.

UK Ring-fencing
You may already be aware, we’re changing the way HSBC is structured in the UK and creating a separate ring-fenced bank called HSBC UK Bank plc (HSBC UK) for our personal and commercial customers. If you’d like more information on this change please visit hsbc.co.uk/ringfencedbank.

Doesn't on the face of it appear to make any difference. I just get nervous when they start making changes. My last issue, the UK bank would not accept a document notarized by a notary public in the US, I had to get a bank manager to do it. That was a challenge, in the US, bank managers, say they won't notarize anything and tell you to see a notary public. Took about 3 months to get my funds released.
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Old Oct 13th 2017, 12:43 pm
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
I got the following in an email today, but I have no idea what ring fencing implies.

UK Ring-fencing
You may already be aware, we’re changing the way HSBC is structured in the UK and creating a separate ring-fenced bank called HSBC UK Bank plc (HSBC UK) for our personal and commercial customers. If you’d like more information on this change please visit hsbc.co.uk/ringfencedbank.
Isn't that why they gave you the link which can take you to the FCA (Financial Conduct Authority) website? Which gives you:

The Ring-fencing legislation requires each large UK bank to separate its retail banking activity from the rest of its business. This is to protect customers and the day-to-day banking services they rely on from unrelated risks elsewhere in the banking group and shocks affecting the wider financial system.

It reduces the likelihood that essential banking services used by ordinary depositors, like current accounts, savings accounts and payments, are put at risk by a failure in another part of the business, such as investment banking.

Ring-fencing was one of several important reforms brought in by the government to strengthen the financial system following the financial crisis that began in 2007.

The large UK banks must implement ring-fencing by 1 January 2019. This means they will be making changes during 2017 and 2018.
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Old Oct 13th 2017, 12:52 pm
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Default Re: UK banks to stop access to funds

Originally Posted by MidAtlantic
Isn't that why they gave you the link which can take you to the FCA (Financial Conduct Authority) website? Which gives you:

The Ring-fencing legislation requires each large UK bank to separate its retail banking activity from the rest of its business. This is to protect customers and the day-to-day banking services they rely on from unrelated risks elsewhere in the banking group and shocks affecting the wider financial system.

It reduces the likelihood that essential banking services used by ordinary depositors, like current accounts, savings accounts and payments, are put at risk by a failure in another part of the business, such as investment banking.

Ring-fencing was one of several important reforms brought in by the government to strengthen the financial system following the financial crisis that began in 2007.

The large UK banks must implement ring-fencing by 1 January 2019. This means they will be making changes during 2017 and 2018.
Thanks for this , the original link just took you to the HSBC explanation. I think this link now works

https://www.hsbc.co.uk/1/2/ringfencedbank

Separate our retail banking operations from any wholesale and investment divisions
Change the way we are structured in the UK - creating a new ring-fenced bank, HSBC UK
Make the changes prior to 1 January 2019 - to achieve this, we intend to complete required activities well ahead of this deadline

HSBC UK customers will receive a new International Bank Account Number (IBAN) as HSBC UK will have a new Bank Identifier Code (BIC). These are the details you would give to someone who sends you money from abroad.
A small proportion of our customers moving to HSBC UK will be moved to a new sort code. This is because sort codes can only be allocated to one bank, and a handful of our existing sort codes will need to be kept by HSBC Bank plc.

Last edited by mrken30; Oct 13th 2017 at 12:55 pm.
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Old Oct 13th 2017, 1:12 pm
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
A US address.
Problem solved then. If you're living in the US, and the bank knows you're living in the US, then there's no way you can be an illegal immigrant living in the UK
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Old Oct 13th 2017, 2:15 pm
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Default Re: UK banks to stop access to funds

Originally Posted by spouse of scouse
Problem solved then. If you're living in the US, and the bank knows you're living in the US, then there's no way you can be an illegal immigrant living in the UK
Lets hope. My experience has been that all the forms and procedures are mainly catered for UK residents.

One irritating thing I found is that some institutions insist on cheques even when I repeatedly ask for bank transfer. They only do bank transfers for UK residents, not sure of the reasoning behind that. All those problems have been resolved now though. I closed the accounts once the CGT was almost zero. I was OK losing just a bit of money. I have one lot of stock left that I acquired in 2000 for £16, it is now around £5 or £6.

Last edited by mrken30; Oct 13th 2017 at 3:06 pm.
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Old Oct 13th 2017, 3:50 pm
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Default Re: UK banks to stop access to funds

I never experienced businesses insisting on cheques rather than direct bank transfers while living in the USA. In recent years during the build up to move back to England I did a lot of bank to bank payments from the USA. I don’t even possess a cheque book for my UK bank.
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Old Oct 13th 2017, 5:05 pm
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Default Re: UK banks to stop access to funds

Originally Posted by durham_lad
I never experienced businesses insisting on cheques rather than direct bank transfers while living in the USA. In recent years during the build up to move back to England I did a lot of bank to bank payments from the USA. I don’t even possess a cheque book for my UK bank.
It's has just been brokers, Shareview Equiniti and Invesco are the only brokers I have dealt with that insisted on sending checks. I did call and complain, because I have to mail them back to the UK.
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Old Oct 13th 2017, 9:20 pm
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Default Re: UK banks to stop access to funds

Originally Posted by mrken30
It's has just been brokers, Shareview Equiniti and Invesco are the only brokers I have dealt with that insisted on sending checks. I did call and complain, because I have to mail them back to the UK.
I can see how extremely frustrating that must be.
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