UK banks to stop access to funds
#47
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.
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.
#48
Re: UK banks to stop access to funds
.... using the individual’s name, date of birth, and address. ....
#49
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.
#50
Re: UK banks to stop access to funds
.... 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.
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.
#51
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.
I am not really sure how to request a freedom of information request outside of the UK. But that is a good idea maybe.
#52
Re: UK banks to stop access to funds
Re the UK bank accounts you're worried about - what address do the banks have for you?
#53
Re: UK banks to stop access to funds
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.
#54
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: UK banks to stop access to funds
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.
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.
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.
#55
Re: UK banks to stop access to funds
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.
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.
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.
#57
Re: UK banks to stop access to funds
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.
#58
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,098
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.
#59
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.
#60
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,098
Re: UK banks to stop access to funds