Has any other practitioner fallen foul of their bank and received a letter, blandly described as an Information Update, demanding completion of a long form, relating to KYC (Know Your Customer)?
Since I am very busy, at present, this nonsense is about the last thing I needed, this week!
Now, I have held this facility (Barclays) for over 30 years: clients are well established and I have "trained" a majority to pay their fee accounts electronically. In terms of account profile, personal and practice details nothing has changed.
Yet if I fail to complete this within 30 days, Barclays are threatening to drastically restrict my access to MY money!
In justification (I telephoned them and naturally was directed to an offshore call centre, where the "Agent" spoke appalling English and obviously read her guff from a screen pop.) Barclays endlessly churn out "Its is a legal requirement for UK banks!" Well, I have checked the FSA site etc and this is not true.
Clearly, the form has been composed by a young grad who has tried to stuff in as much needless information as possible. The core problem behind this, I believe, is the vast landslide of KYC software vendors; once again! Shades of MTD?
Most interested to know anyone elses's experience.