MVL: Metro Bank not releasing my funds for 2 months

[bcontractor]

It was this I think:
https://www.contractoruk.com/forums/...ght=mvl+specie

and it was a genuine concern due to HMRC's usual ambiguity and desperation.

But HMRC have since clarified the ruling as per:
https://www.contractoruk.com/forums/...ght=mvl+specie

A lot of contractors (and other businesses) are keen to liquidate and get funds -or at least confirmed distributed dates- this tax year due to government taking the p1ss with their rumblings on CGT. I really don't expect BADR to be impacted, and neither does my accountant, but any increase in CGT will create a huge difference between CG rates and the 10% BADR rate. I can't imagine any business owner risking a life's worth of savings on the risk that HMRC might at a whim increase the BADR rate or remove the allowance altogether.

How interesting, thank you. If MVL Online were to offer this, they'd be clear winners for me and, possibly, for many other company directors.

[mike78]

How interesting, thank you. If MVL Online were to offer this, they'd be clear winners for me and, possibly, for many other company directors.

yes that would be really good option

[sira]

I am also undergoing MVL at the moment with Metro Bank. My proceedings started early December. I complained to Metro Bank but they said they cannot legally discuss anything with me. After I complained, apparently Metro Bank reached out to my liquidator to say the cheque would be sent out last week, but theres still been no cheque or news from Metro Bank.

The liquidation team at Metro Bank dont have a phone number, you can only email them. And even then, they take an eternity to respond to emails.

There must be some sort of law(s) which safeguards clients when banks hold our money for excessive periods of time? The CASS client money rules come to mind. Anyone have any idea? Clients must be able to take some sort of legal action against banks in these circumstances.

[Maslins]

To those badly impacted I'd recommend raising a formal complaint with the bank. It seems to ensure someone reasonably senior follows it through to completion (rather than just the front line customer service person saying it'll be dealt with then nothing further happens). On occasion you may get compensation too, though typically a modest sum. Also I believe that if they're getting a lot of complaints about a specific area, they're more likely to allocate more staff/resources to improving it. This may not help your case directly, but may reduce the problem for future people doing the same as you.

We (MVL Online) raised a complaint with the Financial Ombudsman against Tide after the bank ignored our "normal" requests and formal complaint. This was middle of last year (and Tide have since processed the case in question). Typically once every 2-3 months we hear from the Ombudsman with some daft question for us. In short, I don't think I'd bother attempting to go via the Ombudsman again. It's a shame as I had thought they were supposed to be for exactly this purpose.

I have no idea re other routes.

[northernladuk]

To those badly impacted I'd recommend raising a formal complaint with the bank. It seems to ensure someone reasonably senior follows it through to completion (rather than just the front line customer service person saying it'll be dealt with then nothing further happens). On occasion you may get compensation too, though typically a modest sum. Also I believe that if they're getting a lot of complaints about a specific area, they're more likely to allocate more staff/resources to improving it. This may not help your case directly, but may reduce the problem for future people doing the same as you.

We (MVL Online) raised a complaint with the Financial Ombudsman against Tide after the bank ignored our "normal" requests and formal complaint. This was middle of last year (and Tide have since processed the case in question). Typically once every 2-3 months we hear from the Ombudsman with some daft question for us. In short, I don't think I'd bother attempting to go via the Ombudsman again. It's a shame as I had thought they were supposed to be for exactly this purpose.

I have no idea re other routes.

Or try smashing their twitter account. Seems to have worked in some instances.

[sira]

I'm pretty sure they can't just hold your money for an indefinite period of time. And under CASS rules the money needs to be segregated from the banks own money. At the end of the day, we have no clue what their doing with the money or why they are holding onto it this long.

I work in financial regulation personally, but don't have expert knowledge in CASS unfortunately. This is something the FCA would definitely take an interest in if enough people complain, but I suspect we won't get enough collective complainants.

Spoke to my liquidator today and they said that Metro Bank has asked them not to chase up for 2 weeks and wait for the cheque. I'll wait 2 weeks before re-opening my complaint with Metro Bank and informing them that I intend to inform the FCA and threaten legal action, because it's getting beyond absurd. Some people are waiting on very large sums of money, they cannot simply withhold it for an undefined and indefinite period of time.

I also nabbed the specific teams email address if anybody needs it: [email protected] Although be warned, they won't respond to emails quickly, or may not respond at all.

[Maslins]

Or try smashing their twitter account. Seems to have worked in some instances.

Not a bad idea...though be v wary of fraud if you do this! I errr...have a friend...who complained about a bank publicly on Twitter. Some scammer saw the tweet, got a phone number from website listed in their profile, and called up saying they were from the bank's complaints team and keen to help (by which I mean encourage you to voluntarily give them enough info so they can steal your cash).

[sira]

Some success to report on my part. After having a stiff word (and "stiff" is an understatement) with Metro & my liquidator this morning, my liquidator magically sends me an email saying funds have been received. Just need to wait for the liquidator to conduct the distribution process now, which should circa 1 week.

Going through this process during a pandemic and barbaric recession is extremely stressful. Especially given that it's not a small sum of money. I'll never be using Metro bank ever again.