Has anyone with a business bank account been recently asked to provide their bank with details about their business finances (turnover, number of employees, value of assets etc). My Bank has sent me a letter stating they are obliged to collect this info as a mandatory requirement of the Prudential Regulation Authority.

I can find nothing about this online and find it a bit of a liberty. Just wondered if anyone else has come across this? Or is it just my bank?

no, never!

nothing from RBS

Phone them on a number from your previous statement and ask why.

Never from HSBC.

No.

What bank is it and why would the number of employees be of concern to your bank?

It sounds like they are going to try to sell you something, a pension perhaps?

Nope.

Nope
APF

Nope

sole trader, but no (and my local bank manager is someone I’ve known for about 25 years very unlikely).

Go into the branch as something smells about that….

Another nope with RBS – unless you’re asking for a loan or overdraft?

Never from Abbey National/Santander

What bank is that?

The forms to open a new business bank account are full of questions like that. Just a phishing exercise to see what they could mis sell you in the future.

OK, well it seems I am alone in this. Very strange. I will give them a ring tomorrow and get to the bottom of it. Only thing I can think of is that it may be because the bank (Triodos Bank) is based in the Netherlands and not the UK???

Being an ethical bank that only work with social/ethical/green companies, I find it unlikely there is anything sinister behind it. I have banked with them for 12 years now and have only good experience to report.

Yes, when we re-instated our online banking a couple of months ago – seems it’s new data they have to collect, although I’m a bit hazy whether it was for an official or sales purpose.

Yes! I get asked by our NatWest ‘relationship manager’ for an annual P&L and Balance Sheet – he claims its a regulatory requirement, although I have no idea why!

Don’t they have to annually ensure that your business falls into a particular bracket? Something to do with the fcsc regs?

My Natwest business manager asks for nothing of the sort

P&L and balance sheet will be related to SME banking regs – if your turnover is sub-£25m you’re classed as an SME so your data is handled differently from a corporate. This is indeed a regulatory requirement to be able to accurately identify clients as SME or not, and in the absence of adequate information that can be gained from the accounts you hold, then they’ve had to ask you directly.

Yes every year, bank is Cater Allen.

Sub £25m. Hmm so just on the border 🙂

Think I will give them a ring anyway. Seems a bit invasive that is all.