On 6 June 2014, the FCA published its fifth quarterly consultation. This invites comments on proposed amendments to several different parts of the FCA Handbook.
In Chapter 5 of the consultation the FCA describes its new requirements that banks and building societies who offer current accounts will be required to annually attest that they have complied with the provisions of the Immigration Act 2014. The FCA are proposing that this attestation will be included as a question within the FIN-A form (annual report and accounts).
What this means for you
The Immigration Act is due to come into force later this year. Section 40 of the Act will prohibit banks and building societies from opening current accounts for persons who do not have leave to remain in the UK, referred to in the Act as “disqualified persons”.
Banks and building societies will be required to carry out an immigration status check with the specified anti-fraud or data-matching authority before opening a current account for a consumer, micro-enterprise or charity with an annual income under £1 million. The Home Office announced in February this year that it intended to name CIFAS as the specified authority.
The deadline for sending comments to the FCA on this proposal is 6 August 2014.