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by mikeodds
1932 days ago
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A good example of banks doing this in the UK is CIFAS, member companies of CIFAS can submit a black mark against an individual, which may in turn cause their other bank accounts to be closed, even if the black mark was in error. If you’ve ever had an account closed, you’ll discover the bank will refuse to tell you why. So if you aren’t aware of CIFAS, things can be pretty confusing. Near zero repercussions for the bank that wrongly adds anyone to the database (potentially a 3 figure sum awarded by the financial ombudsman, again if the person is aware of the financial ombudsman). I’m frankly surprised they’ve been able to continue to exist. Only with GDPR coming in have they given you the option to check if you are on the list without having to write a physical letter. Examples of them screwing up: https://www.theguardian.com/money/2020/oct/31/mortgage-fraud... https://www.msbsolicitors.co.uk/cifas-fraud-markers-the-prob... |
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