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"Source of wealth information" requested

Discuss Brokers, trading, fees, experiences
PinkDalek
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Re: "Source of wealth information" requested

#222334

Postby PinkDalek » May 17th, 2019, 10:59 am

Alaric wrote:
yyuryyub wrote:After all the fuss, my wife and I have both received letters from Barclays Smart Investor saying "You can ignore the recent letter we sent you. .... The letter was sent in error etc ... you don't have to do anything "


So they've backed down. You wonder why they went to the trouble of drafting a letter, getting it mail merged etc, without someone in the organisation pointing out that it wasn't necessary.


It may not have been required for yyuryyub and wife but the OP and others on this Topic have yet to comment further. I'd imagine it is a generic type of letter and it is quite possible for a number to slip through the net, based perhaps on historically held incorrect information.

I'm still interested in the wording used by rhys, the OP (who hasn't logged in since 2 May, so might not return), who said they requested proof of wealth.

Is the inclusion of proof standard wording and what have others received wording wise, specifically?

Midsmartin
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Re: "Source of wealth information" requested

#222485

Postby Midsmartin » May 17th, 2019, 2:53 pm

My wife received one of these from Barclays too. We phoned to query how much digging through records we needed to do to explain an inheritance in 1990. The chap on the phone asked us to hold on, and came back to say that there was no need for her to return the form after all, though we haven't had a letter to confirm that.

I'm not sure why they haven't sent me one.

The original form is both demanding and vague.

The phrasing of the request is, after some pleasantries "if you don't provide proof of wealth, this could lead to restrictions on your account in the future".

It gives no age limits on requirements for old documentation etc. The guidance is just a few sentences and includes such gems as this:

"If wealth has been derived form inheritance, then a full history should be provided to evidence the origins of the original wealth that has been inherited".

Apart from the questionable use of "evidence" as a verb, this appears to say that not only must you prove you got some money from yoru granny 40 years ago, but you must also prove where your granny got it from.

Similarly if you say you got wealth from your spouse, then you automatically extend the demand to cover their assets.

PS The only reason we still have accounts with Barclays stockbrokers is inertia - moving elsewhere would be so much hassle and expense, and they all seem as bad as each other in different ways. As soon as you find one online broker that's ok, they change something to ruin it.

IR35x
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Re: "Source of wealth information" requested

#223437

Postby IR35x » May 21st, 2019, 2:14 pm

I haven't received a letter telling me I don't need to return the form. In fact my wife got a text from Barclays yesterday reminding her to complete and return the form. I guess those that have been told they don't need to complete the form hold less assets with Barclays than the threshold and the form was sent to them by mistake. If I could be sure I could transfer my accounts to another provider in a short timeframe without having to submit the information I would switch but experience has taught me that it will take months to move my accounts from Barclays.

rhys
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Re: "Source of wealth information" requested

#250103

Postby rhys » September 7th, 2019, 12:10 pm

A follow up.

I wrote to Barclays to express my annoyance with their request, and also made it clear that assets had been passed back and forward between my wife and myself, so that our 'sources of wealth' has been combined.

But I did make an effort to comply. I provided 23 sheets of photocopied 'evidence'. This included our P60s going back to 2003, business dividends, final accounts from business sale and a solicitor's letter to confirm a money to me from my late parents.

I've not had a bill from the solicitor yet, or confirmation that Barclays are satisfied; meanwhile I can still access my accounts. I think this is a good example of why it's a good idea to have accounts with other providers, Nationwide and AJ Bell in our case. If they want to to know anything, they'll get the same dossier that Barclays received!

/Rhys

PeterGray
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Re: "Source of wealth information" requested

#250293

Postby PeterGray » September 8th, 2019, 11:45 am

When I had one of these a few years ago, I can't remember who from, I sent them a short single page letter explaining that I had been investing for some years, that some had come from my parents estate and some from other sources. I heard no more. I'm inpressed by how seriously you have taken this. I would not be surprised if you hear no more from them.

Alaric
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Re: "Source of wealth information" requested

#250296

Postby Alaric » September 8th, 2019, 11:52 am

PeterGray wrote: I sent them a short single page letter explaining that I had been investing for some years, that some had come from my parents estate and some from other sources


In the case of a dealing account or ISA, a statement noting that the wealth came from a UK bank account ought to suffice on the grounds that once money was inside the UK financial system it should be capable of being moved around without further origin tests.

bofh
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Re: "Source of wealth information" requested

#250736

Postby bofh » September 10th, 2019, 1:28 pm

Alaric wrote:
PeterGray wrote: I sent them a short single page letter explaining that I had been investing for some years, that some had come from my parents estate and some from other sources


In the case of a dealing account or ISA, a statement noting that the wealth came from a UK bank account ought to suffice on the grounds that once money was inside the UK financial system it should be capable of being moved around without further origin tests.


Unfortunately, not. "Source of funds" describes the funding bank accounts, whereas "source of wealth" describes how a customer obtained their total wealth; e.g. selling a house, divorce settlement, inheritance.

My last two (non-UK) dealing account sign-ups, required me to provide source of wealth at a category level, broken out by percentage of total. I was not required to provide proof, but it was made very clear that if I didn't complete the online form, their internal compliance team would reject my application.

I believe a request for proof is reserved for those people that meet certain criteria or whose transactions trigger suspicion. And of course, this process is not perfect, so errors will result in people receiving these bland letters and quite naturally feeling aggrieved.


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