When Bank Managers were pillars of the community - personal details were regarded as being confidential, until not so long ago this was still the case in Ireland. When typed statements were sent to you, all cheques issued since the last statement were returned to you because they carried your signature.
In order to transact business it was necessary to provide at least three references, one of which had to be your bank manager before the opening of any account could be considered.
Nowadays most peoples personal details are almost provided by return it seems FOR A FEE - Credit Rating is the new norm because in our fast moving modern society taking up references is too slow for the efficient transaction of business in our now seven day society.
Credit Rating started life as a database for Great Universal Stores mail order business and was probably fairly reliable when they controlled it. When it became Experian and others, mistakes began to occur because of the way that once confidential information can now be accessed. I was listed as a defaulter by one of these company's because of an outstanding amount shown against what used to be called an Access Card. I had in fact paid off the card and stopped using it, but because my payment had been wrongly credited presumably a black mark was showing on my record which I remained blissfully unaware of for four years.
I only discovered this travesty when my eldest daughter applied for a Catalogue from a mail order company and was refused. Needless to say I complained and with the help of my bank manager, who authorised the payment to settle my card debt originally, I obtained a sum in compensation and the blemish on my record was removed.
Surprisingly not one of my suppliers had raised this problem with me because of the strong relationships that had developed over the previous five years with all of them.
How the financial world has changed and not for the better - the rush for "profits" has developed systems and algarythms which allow for automatic trading which ensures that when you fall into a black hole you are now much deeper in it before the wheels stop turning as in 2008.
Any trading I do is through TD Direct Investing. This is an extract from a recent e-mail I received from TD. ''Our records indicate that you reside or are a tax resident outside of the UK, in a country which participates in the Common Reporting Standard (CRS). Under new legislation we’re required to confirm your tax residency and to share information about your account, including your Tax Identification number (TIN), on an annual basis as part of our regulatory obligations to HM Revenue & Customs (HMRC). If we’re unable to establish your tax residency by 31 December 2016 we’ll use the details we currently hold for you in order to report to HMRC.'' At the moment I am suffering a loss so Im not immediately affected. I presume Revenue here have or will have access to such information.So any future profits can be discounted by about 30%.
Of explaining to do .They bullied the british public into voting leave whilst they bask in the spanish sun on their arse(excuse me).They should be held accountable ,because if it was the other way around ,they would never shut up. DISGRACEFULL IN 21ST CENTURY NOT ONE SOLUTUON ...13 OCTOBER COURT CASE WILL SLAM THIS AS AN ILLEGAL REFERENDUM ....BORNINUSA RANT OUT!
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