We need to ensure the business does not breach any regulations or rules or allow any funds into the business from the wrong source thereby affecting our reputation and the reputation of our investors.
The reason we request a bank statement showing your name, account number and sort code is to keep our enquiries to a minimum in regards to the source of funds. We can rely on an FCA rule that allows us to satisfy this requirement just by having proof the client has a UK bank account (cross-referenced to client name, account number, and sort code).
We are working on a system in the future where this will not be required as we can get this confirmed the moment you have submitted your account and sort code into the system. A 3rd party verification check will confirm this.
Also, before we had this extra security layer in place, we have come across many users who made typos or errors when submitting their bank details without the statement, to which there was the risk of funds going back to an incorrect account not registered to them. Every action we take is to ensure our platform and investors are as safe and secure as possible.
We are really sorry for any inconvenience but hope you can understand the need for this requirement at this time.
Updated 19th May 2021