Bank asking for turnover etc

[jamesbrown]

Cater Allen has asked me to confirm the business I run is a small business but they have never asked turnover etc.

It's easy to miss it, but I've had Cater Allen ask along the lines posted by Contreras (i.e. confirm/deny w/r to FSCS limits). I haven't been asked for raw data (as in the OP), but it's normal to confirm eligibility for the FSCS on account opening and annually (I'm basing this on having held multiple different business deposit accounts with multiple different banks).

[northernladuk]

I've never been asked for this in 17 years since I went contracting. So no, I dont think its normal, personally, I think its the exception.

Can't really compare modern legislation with 17 years of history. Stuff changes you know.

[Contreras]

Similar from Santander:

Financial Services Compensation Scheme

Please tick one of the following which describes your type of organisation:

A. Pension Scheme or Pension Scheme Trustee
B. Local Authority
C. Unincorporated Association, Charity, Society, Mutual, Club or Community
D. Sole Trader or Partnership excluding Limited Liability Partnership
E. Company or other Corporate Body including Limited Partnership

Does your organisation:

1. have an annual sales turnover of £6.5 million or less, or that of the parent company £6.5 million or less net (or £7.8 million or less gross)? Yes/No
2. have a balance of £3.26 million or less, or that of the parent company £3.26 million or less net (or £3.9 million or less gross)? Yes/No
3. or parent company employ 50 people or less? Yes/No

[SueEllen]

Cater Allen has asked me to confirm the business I run is a small business but they have never asked turnover etc.

[BolshieBastard]

I've never been asked for this in 17 years since I went contracting. So no, I dont think its normal, personally, I think its the exception.

[jamesbrown]

Saffron BS that is. I only hold a business saving account there.

Received a letter from them asking to provide my company information like turnover, balance sheet total, number of employees (because they are required to provide it to the Financial Services Compensation Scheme).

Not a big deal, just wonder why I didn't get a similar request from other banks that I have business accounts with.

Yes, normal. I need to confirm eligibility for FSCS every year for each deposit account (I don't have any with Saffron, but it's the same principle although, IIRC, this is usually phrased as a confirmation of the terms of the FSCS rather than a request for raw data).

[Lumiere]

Saffron BS that is. I only hold a business saving account there.

Received a letter from them asking to provide my company information like turnover, balance sheet total, number of employees (because they are required to provide it to the Financial Services Compensation Scheme).

Not a big deal, just wonder why I didn't get a similar request from other banks that I have business accounts with.