Interested Reader Posted February 16 Share Posted February 16 Hardly surprising for a bank which has such abysmal staff and systems in the crown dependencies. https://www.iomfsa.im/fsa-news/2024/feb/public-statement-concerning-the-imposition-of-a-civil-penalty-in-respect-of-the-royal-bank-of-scotland-international-limited/ 3 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 16 Share Posted February 16 47 minutes ago, Interested Reader said: Hardly surprising for a bank which has such abysmal staff and systems in the crown dependencies. https://www.iomfsa.im/fsa-news/2024/feb/public-statement-concerning-the-imposition-of-a-civil-penalty-in-respect-of-the-royal-bank-of-scotland-international-limited/ They didn't do/update some risk assessments for non-high risk company accounts between 2015 and 2018. No money got laundered. No criminals were caught. The bank just didn't tick the correct boxes. Not exactly the crime of the century is it? FSA flexing again. Note the discount to the fine if paid quick (i.e. the bank doesn't contest it). I wonder why banking is getting impossible over here? 8 1 Quote Link to comment Share on other sites More sharing options...
x-in-man Posted February 16 Share Posted February 16 Yet try to obtain an new card from them and you have to submit DNA from 8 generations and supply statements form the start of the last ice age - forward to the next one, on A4 paper approved by the Pope, delivered by a fleet of Unicorns. They should be fined for not being fit for purpose - there is no way on earth they could contest that. 5 Quote Link to comment Share on other sites More sharing options...
Interested Reader Posted February 16 Author Share Posted February 16 3 minutes ago, x-in-man said: Yet try to obtain an new card from them and you have to submit DNA from 8 generations and supply statements form the start of the last ice age - forward to the next one, on A4 paper approved by the Pope, delivered by a fleet of Unicorns. They should be fined for not being fit for purpose - there is no way on earth they could contest that. That’s why I posted it. I’ve banked with them for years and they are the worlds most abysmal and unhelpful bank. I’ve been trying to get a new account set up with them for months now ever though I’m an existing customer it’s request after request fir pointless information. They are worse than dealing with the civil service and most of their staff are useless/unhelpful. But they got fined on a technicality over risk ratings. 3 Quote Link to comment Share on other sites More sharing options...
Nellie Posted February 16 Share Posted February 16 1 minute ago, x-in-man said: Yet try to obtain an new card from them and you have to submit DNA from 8 generations and supply statements form the start of the last ice age - forward to the next one, on A4 paper approved by the Pope, delivered by a fleet of Unicorns. They should be fined for not being fit for purpose - there is no way on earth they could contest that. I agree. Yes, the FSA may be a bit over zealous and enjoy flexing their muscles, but at a more basic level IOM Bank/RBSI are world class at making banking a difficult, frustrating and tiresome experience. They are completely hopeless and probably beyond redemption. RBSI deserve to be fined a million quid just for the way in which they have destroyed a once fine, and proud, Manx institution. Maybe the 'crime' isn't something the man in the street can relate to, but I think the penalty is. 2 Quote Link to comment Share on other sites More sharing options...
Weliveinhope Posted February 16 Share Posted February 16 and this is exactly the reason why they will become even more shit...viscious circle. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 16 Share Posted February 16 8 minutes ago, Nellie said: I agree. Yes, the FSA may be a bit over zealous and enjoy flexing their muscles, but at a more basic level IOM Bank/RBSI are world class at making banking a difficult, frustrating and tiresome experience. They are completely hopeless and probably beyond redemption. RBSI deserve to be fined a million quid just for the way in which they have destroyed a once fine, and proud, Manx institution. Maybe the 'crime' isn't something the man in the street can relate to, but I think the penalty is. 9 minutes ago, Interested Reader said: That’s why I posted it. I’ve banked with them for years and they are the worlds most abysmal and unhelpful bank. I’ve been trying to get a new account set up with them for months now ever though I’m an existing customer it’s request after request fir pointless information. They are worse than dealing with the civil service and most of their staff are useless/unhelpful. But they got fined on a technicality over risk ratings. At one point RBSI were by far and away the biggest bank providing services to CSPs etc. Several firms I worked at, probably 80% of their accounts were there and it was the default option. Then however they had the pants fined off them in the UK and also probably due to the Govt ownership 'Head Office' decided they needed to de-risk and they basically froze everything up, weren't accepting any new business and were dropping clients like flies. Their list of high risk countries is now 164 - there are 195 countries in the world! I'd propose a significant reason for their local decent into chaos is due to them frantically rushing about attempting to tick all the missing boxes that are being hunted down by the FSA. Quote Link to comment Share on other sites More sharing options...
Banker Posted February 16 Share Posted February 16 55 minutes ago, x-in-man said: Yet try to obtain an new card from them and you have to submit DNA from 8 generations and supply statements form the start of the last ice age - forward to the next one, on A4 paper approved by the Pope, delivered by a fleet of Unicorns. They should be fined for not being fit for purpose - there is no way on earth they could contest that. Exactly the same in Channel Islands, it’s all the banks except for HSBC so not an IOMB issue whose cards are issued by NatWest in uk. Quote Link to comment Share on other sites More sharing options...
cissolt Posted February 16 Share Posted February 16 Not like NatWest to ignore the rules. I might try using binbags for my IOM bank deposits: https://www.theguardian.com/business/2021/dec/13/natwest-fined-264m-after-admitting-breaching-anti-money-laundering-rules Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 16 Share Posted February 16 (edited) Ironically the shitness of modern banks is pushing people towards Crypto and Fintech, when it appears that is the opposite of what the banks want. Edited February 16 by The Phantom 1 Quote Link to comment Share on other sites More sharing options...
Hairy Poppins Posted February 16 Share Posted February 16 They mention the onboarding of new clients... I'm actually amazed anyone managed to open an account with them. I've had an account with them for almost 40 years, last year I wanted to open an additional account and was told there was a 6 month waiting list/processing time...during the process they managed to lose copies of my documents... Currently looking for a new bank. 1 1 Quote Link to comment Share on other sites More sharing options...
Nellie Posted February 16 Share Posted February 16 2 minutes ago, Hairy Poppins said: They mention the onboarding of new clients... I'm actually amazed anyone managed to open an account with them. I've had an account with them for almost 40 years, last year I wanted to open an additional account and was told there was a 6 month waiting list/processing time...during the process they managed to lose copies of my documents... Currently looking for a new bank. I had a very similar experience, except they told me it would take 10 weeks, so I just walked away and went to Conister who opened the account the next day. Since then, I had a run in over a fixed deposit. It was due to expire on a day when I knew I'd be on holiday. I tried to give instructions a few days in advance but they said they could only accept instructions by phone, or their chatbot, between 9.00am and 12 noon on the maturity date. So after having my money for six months, I had to hit a 3 hour window, or they would transfer it into a non-interest bearing account, until I was able to give them an instruction. This is bordering on theft, as they simply want to put as many obstacles in the customer's path, so they can avoid paying interest for a few days. Sadly, the "manager" at Athol Street, who was about fourteen, couldn't grasp that this was very poor service, and was not 'in the customer's interest' as she had tried to claim. They really do come across as a bunch of crooks and spivs, and this case today does nothing to dispel that impression. 3 Quote Link to comment Share on other sites More sharing options...
Interested Reader Posted February 16 Author Share Posted February 16 10 minutes ago, Nellie said: They really do come across as a bunch of crooks and spivs, and this case today does nothing to dispel that impression. They aren’t crooks or spivs, sadly they are just colossally incompetent from both the top down and the bottom up They can’t even open at a time to suit their customers looking at the queues there most days at 9:00. They are a third world bank that offers third rate service across the board. 1 Quote Link to comment Share on other sites More sharing options...
NoTail Posted February 16 Share Posted February 16 Can anyone actually name the manager? If so have they ever managed to talk to him/ her/it? I fondly remember the days I could ring Peter Cory and get stuff done. 2 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 16 Share Posted February 16 19 minutes ago, Hairy Poppins said: They mention the onboarding of new clients... I'm actually amazed anyone managed to open an account with them. I've had an account with them for almost 40 years, last year I wanted to open an additional account and was told there was a 6 month waiting list/processing time...during the process they managed to lose copies of my documents... Currently looking for a new bank. It was pretty much during lockdown that the collapse began. Maybe related to WFH or their entire new business/compliance team quitting. Prior to this they were tightening up massively upon what they deemed to be high risk (basically everything), clients were having their accounts shut down with no explanation. Their account opening times started getting worse and worse. Then about 2 years ago, they actually said to the CSP industry, we're completely closed to new business. It's honestly the Anti Money Laundering and general Financial Regulations. They are getting so voluminous and complex that the banks are having real issues complying with them. Then they are getting the pants fined off them every so often by the regulators, that they are now scared to do anything. Do to the fines and costs of adhering to all the regulations now, I'm finding that any banks that open accounts for free and don't charge you annual maintenance fees are pretty much frozen and incapable of doing anything quickly. If you're willing to pay £1k for them to open an account and the same annually, you'd be surprised how quickly they can do stuff. 1 Quote Link to comment Share on other sites More sharing options...
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