kanrent Posted November 12, 2019 Report Share Posted November 12, 2019 Hi my letting agents bank now requires personal information on me the landlord to allow the agent to collect rent on my behalf and forward it to my bank Has anyone else been asked for this Do the banks share personal information Quote Link to comment Share on other sites More sharing options...
Grampa Posted November 12, 2019 Report Share Posted November 12, 2019 what sort of information? Quote Link to comment Share on other sites More sharing options...
kanrent Posted November 12, 2019 Author Report Share Posted November 12, 2019 23 minutes ago, Grampa said: what sort of information? Tax jurisdiction Resident status tax UTR number Ni number Address Nationality They need to open a seperate account for every ll to recive rent payments Lloyd's are requesting this imformation Quote Link to comment Share on other sites More sharing options...
Richlist Posted November 12, 2019 Report Share Posted November 12, 2019 Firstly, let me say that I'm not affected because my tenants pay their rent direct to me. However, I'm not sure what's behind your question. The information that the bank requires seems entirely reasonable and probably driven by legal and taxation rules that they need to comply with. If your worried that you're giving to much information away, ask yourself if you are being a little to circumspect. I have an account at a Spanish bank and they require, from me, a lot more information than you are being asked to provide as do my accountants in Spain. Relax. Quote Link to comment Share on other sites More sharing options...
Melboy Posted November 12, 2019 Report Share Posted November 12, 2019 It is probably due to the new rulings on money laundering and immigration status of the tenant if necessary and of course HMRC are clamping down on landlords taxable income declaration. Quote Link to comment Share on other sites More sharing options...
kanrent Posted November 12, 2019 Author Report Share Posted November 12, 2019 https://www.lettingagenttoday.co.uk/breaking-news/2019/8/crisis-for-agents-as-banks-set-to-insist-on-individual-client-accounts Quote Link to comment Share on other sites More sharing options...
kanrent Posted November 12, 2019 Author Report Share Posted November 12, 2019 Just wondering if it's safe to give my UTR number to a third party Quote Link to comment Share on other sites More sharing options...
Mortitia Posted November 12, 2019 Report Share Posted November 12, 2019 Ask HMRC? I haven't been asked for that but most of the other stuff you mention and I only use an agent to take the grunt work out of tenant find up to taking 1st month's rent Quote Link to comment Share on other sites More sharing options...
Grampa Posted November 12, 2019 Report Share Posted November 12, 2019 11 hours ago, kanrent said: Tax jurisdiction Resident status tax UTR number Ni number Address Nationality They need to open a seperate account for every ll to recive rent payments Lloyd's are requesting this imformation I think you need another agent . We bank with Lloyds and were sent a request for a load of information which if not done correctly would have potentially meant doing what your agent is asking. All Lloyds customers with client accounts were sent a "Client Money Account Review" form and a questionnaire to fill out which covered numerous things such as how you verify tenants and landlords. How info was recorded and stored. Transaction motioning, Anti money laundering procedures, membership of which professional bodies etc etc yawn yawn. It was a pain to provide all the info and took a bit of time but once given and approved it was business as normal and I still have undesignated client accounts so the text of that link isnt correct/clear. Quote Link to comment Share on other sites More sharing options...
Melboy Posted November 13, 2019 Report Share Posted November 13, 2019 It's worth reading the comments on Letting Agent Today posted above. Explains a lot but of course. Lloyds seem to meddling in with an EU directive supported by Government and HMRC I would suspect. Fortunately I am not involved in this beaurocratic nightmare. Quote Link to comment Share on other sites More sharing options...
Richlist Posted November 13, 2019 Report Share Posted November 13, 2019 But they aren't asking for anything out of the ordinary......so why would supplying this information be a problem for a landlord .?......that's what the OP was asking in his initial post. If the agent has issues, let them sort out their own problems. I don't see as there is anything for a landlord to get upset about. Quote Link to comment Share on other sites More sharing options...
Grampa Posted November 13, 2019 Report Share Posted November 13, 2019 After we provided all the info there was no change to us and we dont need to get landlords to provide all this info other than the normal verification for every normal landlord which we did anyway. Quote Link to comment Share on other sites More sharing options...
Melboy Posted November 13, 2019 Report Share Posted November 13, 2019 Not forgetting that HMRC now have virtually instant access to all personal bank accounts whereas before there was a fairly involved procedure to gain permission to gain access. I would think it's a fairly safe bet to say that LA's have these multi individual bank accounts of their landlords to make it easier for financial and personal status checks by government agencies. Big Brother is watching YOU. 😊 Quote Link to comment Share on other sites More sharing options...
Richlist Posted November 13, 2019 Report Share Posted November 13, 2019 So what ? Do you think that you are going to be able to change it ? Relax......go worry about something important that you can actually do something about. Might I suggest that could be voting in the GE to keep Labour out of Downing Street ? Quote Link to comment Share on other sites More sharing options...
Grampa Posted November 13, 2019 Report Share Posted November 13, 2019 😁Wheres the monster raving loony party when you need them? Got my voting card in the post today. Mmmm I wonder who I should vote for being a business owner and landlord? Its a toughie.😁 Quote Link to comment Share on other sites More sharing options...
Melboy Posted November 14, 2019 Report Share Posted November 14, 2019 Aaaah! Screaming Lord Sutch Grampa............I saw him when he was touring the Country with his band waaaaaay back in time in Aylesbury, Bucks. I have put this up for anyone who cannot or do not know what a character he was. At least he use to brighten up dull elections and amazingly actually got people to vote for him. I had forgotten that he committed suicide back in 1997. https://en.wikipedia.org/wiki/Screaming_Lord_Sutch To get back on topic (almost) I have virtually stopped watching political programs and the news on politics as it is all getting a bit ridiculous with their budgets and costings which are really in dreamland. Month to go thank goodness...........and by the way it is snowing here at the moment and laying something that I have not seen this early in the late autumn in the South West in my lifetime. Quote Link to comment Share on other sites More sharing options...
Richlist Posted November 14, 2019 Report Share Posted November 14, 2019 That's extremely good news. Funnily enough I'm one of the few people around who has been hoping for colder weather and snow. One of our other small business interests involves selling heating and air con. So, for us, colder weather will definitely see sales pick up big time. My lawnmower sales business though has finally dried up ......I guess until next March/ April. People just don't want to mow their grass when there's snow & ice on the ground. Same with garden furniture......the market is dead until next spring when I can again charge exorbitant prices to the masses. However sales of suitcases & car roof boxes continues to trickle through probably because some mad fools go on holiday when the weather is freezing. I should have been a market trader........I might have been another Lord Sugar. Quote Link to comment Share on other sites More sharing options...
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