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Selftrade clients shocked by 'intrusive' questionnaire

The execution-only broker asks clients to reveal the source of their wealth as it seeks to meet money laundering regulations.
April 25, 2014

Selftrade has issued an "intrusive" questionnaire to its customers as it seeks to meet money laundering regulations.

A letter sent this month by the execution-only stockbroker asks customers to supply personal and financial details, including the source of their wealth. The attached Records Review Form asks if wealth has been derived from employment, investment activity or inheritance, and the time frame and countries in which the wealth was generated. Selftrade has told clients that without this information "it may be necessary to suspend or restrict access" to their accounts.

IC readers have contacted Investors Chronicle to express their "shock and disbelief that a broker could treat its customers in so shoddy and threatening a manner" and to complain about the "far too intrusive questions".

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