RANT CORNER
EDIT
Make that 4 as November was rather wet
- ForFolksSake
- Posts: 1077
- Joined: Sat May 11, 2024 2:51 pm
.... ⛴
https://www.youtube.com/watch?v=h6omFJhKr6o
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- jamesedwards
- Posts: 5472
- Joined: Wed Nov 21, 2018 6:16 pm
I just opened a new investment with JP Morgan on their app. Just £1k in order to take advantage of a medium term cashback offer.
OMG the questions and rigmarole required just to invest a grand...
> Nationality
> Upload photo ID
> Upload selfie
> Employment status
> National Insurance number
> Industry
> Income
> Source of funds
> Expenditure
> Affordability
> A dozen risk assessment questions
And I had to check a box at least 5 times (no exaggeration) throughout the process to confirm that I could afford to live if I was to lose my investment.
I wish I hadn't have bothered. This country is wrapping itself up in rolls and rolls of red tape.
OMG the questions and rigmarole required just to invest a grand...
> Nationality
> Upload photo ID
> Upload selfie
> Employment status
> National Insurance number
> Industry
> Income
> Source of funds
> Expenditure
> Affordability
> A dozen risk assessment questions
And I had to check a box at least 5 times (no exaggeration) throughout the process to confirm that I could afford to live if I was to lose my investment.
I wish I hadn't have bothered. This country is wrapping itself up in rolls and rolls of red tape.
It is ridiculous that you have to do it at every stage. You've transferred the money into a bank which has asked you all those questions, then you transfer the money out of a bank somewhere else which asks you exactly the same bloody questions.
- firlandsfarm
- Posts: 3562
- Joined: Sat May 03, 2014 8:20 am
It's as consistent as a VAR referee. I recently sold my yacht for 6 figures and had the agent in Martinique transfer the proceeds to a new account I had opened with Wise just 10 days earlier and braced myself for all the questions but nothing, the agent told me they had instigated the transfer and the next I knew Wise sent me an email to say the transfer was in my account, no question!
I've had accounts with Saxo, Degiro and a UK spread firm for financials but never faced anything more than the standard occasional KYC form where you can answer any old rubbish and nobody checks it. That was >4 years ago though, so is this a more recent stringency? Or because they're American?
- jamesedwards
- Posts: 5472
- Joined: Wed Nov 21, 2018 6:16 pm
Bet Angel traders and their yachts!firlandsfarm wrote: ↑Sat Mar 28, 2026 2:14 pmIt's as consistent as a VAR referee. I recently sold my yacht for 6 figures and had the agent in Martinique transfer the proceeds to a new account I had opened with Wise just 10 days earlier and braced myself for all the questions but nothing, the agent told me they had instigated the transfer and the next I knew Wise sent me an email to say the transfer was in my account, no question!
- firlandsfarm
- Posts: 3562
- Joined: Sat May 03, 2014 8:20 am
Not any more!jamesedwards wrote: ↑Sat Mar 28, 2026 2:25 pmBet Angel traders and their yachts!firlandsfarm wrote: ↑Sat Mar 28, 2026 2:14 pmIt's as consistent as a VAR referee. I recently sold my yacht for 6 figures and had the agent in Martinique transfer the proceeds to a new account I had opened with Wise just 10 days earlier and braced myself for all the questions but nothing, the agent told me they had instigated the transfer and the next I knew Wise sent me an email to say the transfer was in my account, no question!![]()
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- firlandsfarm
- Posts: 3562
- Joined: Sat May 03, 2014 8:20 am
Can't agree with that ... to have a mobile hotel suite in the Caribbean was heaven but now I'm too old so will have to put up with a stationary one!
