Building Society Account

[GlenB]

An application  form for the opening of an account at a local Building Society includes "Please name any senior public figure you are related to or have connections with and state the nature of the relationship."

Can anyone tell me please the purpose of this and is it commonly asked?

Thanks.

[barry1010]

I don't know but it is disturbing.   Is it the Progressive B S?

[Buenchico]

Financial institution are required by law to exercise caution when handling the accounts of 'politically exposed persons' (or those close to them) in order to reduce the risk of those accounts being used for money laundering:
https://www.lawsociety.org.uk/topics/anti-money-laundering/peps

References to 'politically exposed persons' or, more commonly, to 'senior public figures' are now commonplace within application forms for bank and building society accounts, as with this example from the Progressive Building Society:
https://theprogressive.com/media/2694/savings-account-amendment-form.pdf

[gulliver1]

Tell them Nigel Farage is you Uncle.

[Peter Pedant]

if you say yes they wont give you one ( account)

[Tuvok]

Don't forget all the Nigerian princes!

[gulliver1]

PP 21.54 Lol 🤣

[Peter Pedant]

There is far too much smut on these threads Gullz

[gulliver1]

22.23 Agree with you PP .This site needs cleaning up.We need far more Plods on the beat....Sorry typo .....I meant Mods on the beat

[Hopkirk]

The world has gone mad

[barry1010]

I change bank accounts frequently, opened a cash ISA a few weeks ago and have never been asked this question.

Is it relevant that Progressive is based in Northern Ireland?

[GlenB]

Thank you all for your comments.

[youngmafbog]

This is all part of the recent furore with Mr Farage & others.  

Yes, Banks to have a duty of care, however some are, how shall we say 'overcautious'.