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Six off piste

"Don't buy me the things you wish you'd had growing up, teach me the things you
wish you'd known growing up"

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Posted on December 16, 2020 by planet9_4q861c


SECTION 11 PAGE 37 OF THE RETAIL CUSTOMER AGREEMENT

Critics say these rules are enforced by “overzealous” banks. The consumer panel
of financial services, which reports to city Watchdog as a whole, requires that
customers be treated more equitably in these circumstances (see right). In this
letter, seen by This is Money and simply signed, the bank referred to Section 11
of its retail agreement. A Barclays customer with acute anxiety and depression
is devastated after the banking giant closed its three accounts without
explanation or warning. Caroline Barr, a member of the Financial Services Panel,
said of the Bentley case: “The bank is acting as if the account owner is
suspected. She may act as if she had no duty of care to that client because she
does not have one. Barclays` initial reaction was overwhelming. “We have taken
the appropriate steps that customers would expect of us if an unusual
transaction had been concluded,” he said. “On this occasion, we are pleased that
the transaction was real and we are happy to return the money to our customers.”
According to a survey by the Financial Conduct Authority, banks are increasingly
including accounts receivable and are not required to explain why. The CFA
announced last year that it is working to improve the way banks identify risk
accounts and communicate with their customers.

What is more telling is that a Barclays spokesperson told Telegraph Money: “We
don`t comment on individual customer cases. As soon as we are alerted to
suspicious account activities or are controlled by transaction profiling, we
investigate the circumstances, and if we are satisfied that the account is being
used to steal the proceeds of crime, we act as quickly as possible to close the
account. It is worrying that a sign of fraud was so easily placed in an account
before being properly examined, as well as the way the banking giant treated a
vulnerable customer. State rules require banks to monitor customers` accounts
for the risk of money laundering or financial crime, and atypical transactions
can trigger fraud filters. These filters identify connections or payments from
countries considered risky and, under the Proceeds of Crime Act 2002, banks must
not “spill” a customer who may be investigated. Banks are not required to
explain their actions to their customers. Often, through closed verification
procedures, clients never discover the crime they may have committed. Rahman is
one of a growing number of customers whose bank accounts have been closed
without warning or explanation. Over the past two years, the Observer has been
contacted by disoriented readers from all backgrounds – including an economics
professor, a migraine charity, a leading campaign group and many ordinary
domestic workers whose finances involve nothing more exotic than a holiday in
Spain. It does not have the power to insist that the account be reinstated.

And while it may require the bank to provide evidence of illegal activities, it
cannot always share it with the customer. In many of these cases – some of which
have been reported in these pages – it is proposed that innocent people be
subjected to increasingly stringent regulations to combat money laundering and
other financial crimes. It says: “We can close an account (and stop providing
services and terminate this agreement) by setting a deadline of at least two
months.

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“OFF PISTE”

Definition: So as to deviate from what is conventional, usual, or expected. It’s
about hearing the often scornful, “WHAT are you DOING?” And realizing that scorn
often represents the winds of consensus. And in life, as with investing, the
hard thing to do,  and the right thing to do,  are often the same. The real
question is, “What are you NOT doing?... And why not?” Off Piste is learning,
risk taking, and learning to thoughtfully take risks.


CONNECTING THE DOTS

 

“You can’t connect the dots looking forward; you can only connect them looking
backwards. So you have to trust that the dots will somehow connect in your
future. You have to trust in something — your gut, destiny, life, karma,
whatever. Because believing that the dots will connect down the road will give
you the confidence to follow your heart even when it leads you off the well-worn
path… and that will make all the difference. “– Steve Jobs

Enjoy your dots.

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