Financial Infomation requested by Stockbroker

C

Chelseablue

Registered User
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Hi all,
I have received a requested to update my financial information from a stockbroker. They say this is under Section 54(3) of the Criminal Justice Act 2010 & 2013.
My ID is up to date, however they want my financial information. Employer name, job title, type of employment, salary, other investments etc.
Are they entitled to ask this information ? Is this not in breach of GDPR ?

Thanks.
 
That's what I thought Gordon, I have complied with the ID requirements. But why should I tell them my personal information and this a transaction only account .
thanks for your input
 
Some of this information may be related to the "Know your customer" regulations but as you want to open a transaction only account these may be not be required.

Although, they would obviously need to establish that you have the capability to manage a transaction only account ie that you are financially aware of the impact and effects of any transactions you pursue. Imagine the uproar if they opened an account for someone on a transaction only basis without some checks and the holder then proceeded to lose all of their money on poor investment decisions - there would be a lot of "didn't you check their credentials, etc etc "

This kind of check, might have saved the Quinn family from disaster and the State ie us, from a big bailout
 
None of which has anything to do with the Criminal Justice Act.

Other rules/regulations (e.g. MiFID) would be relevant in terms of financial profiling.

Perhaps the adviser doesn’t understand what he/she is meant to be doing?
 
Hi jpd, this is along standing account not a new account, it is transaction only so funds have to be in the account before purchase of shares. As Gordon said I don't see what it has to do with Criminal Justice Act what my "job title" and "type of employment".
Think this is for their own information so they can push more products my way or sell on database of clients, so I think it dishonest to claim it's because of Criminal Justice Act
 
Under anti money laundering, is this more from the point of view of source of funds? But then job title etc seems a bit strange, a payslip would be more important from that perspective.
 
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