Bank refuses to state who they are regulated by

[nvkateryna]

Hi everyone!

I know many of you had problems with bank issuing the letter which would fit all the HO requirements, but normally the problem is with "funds are transferrable to the UK and converted to GBP sterling" part. My bank refuses to add a phrase about who they are regulated by, which is really-really odd. The bank is one of the biggest Swiss banks, so license is definitely not a problem, but they are saying it is against some kind of internal policy.
Any advice on this? Have any of you had this problem? Do you think I might get refused if I apply with letter without this statement?
I was planning to apply by the end of the month and I have no wish or intention to change the bank, since I would have to wait for another 3 months, and that's a lot of time.

[julesxander]

Hi nvkateryna,

The Swiss Financial Market Supervisory Authority (FINMA) regulates Swiss Banks, Insurance companies,etc.

However, if you are making your application from Switzerland, I do think that the bank is simply required to indicate on their official headed paper that the funds are transferable to the UK and nothing more.

Pls read the last statement on page 31 of the Updated policy guidance link below...

https://www.gov.uk/government/uploads/s ... 7_2015.pdf

Thanks

[nvkateryna]

Hi nvkateryna,

The Swiss Financial Market Supervisory Authority (FINMA) regulates Swiss Banks, Insurance companies,etc.

However, if you are making your application from Switzerland, I do think that the bank is simply required to indicate on their official headed paper that the funds are transferable to the UK and nothing more.

Pls read the last statement on page 31 of the Updated policy guidance link below...

https://www.gov.uk/government/uploads/s ... 7_2015.pdf

Thanks

Hi julesxander,

Thanks for your response. I'm well aware that FINMA regulates Swiss banks, what worries me is that the bank refused to state it in the letter they have provided me. The letter meets all the requirements from the page 31 of the Policy Guidance, but the part "that the institution is regulated by the appropriate body;". I will add on to my application a printout of the webpage I found on their website, which states that they are indeed regulated by FINMA, but I'm not sure that will satisfy HO.
And I'm not applying from Switzerland.