Moneyway Welcome Pack - Procedure Guide - Flipbook - Page 30
Procedure Guide
Enhanced Bank Check
We cannot accept bank details that are not in the
customer’s name. An enhanced bank check will be
completed at payout to con昀椀rm the bank account
for the Direct Debit is in the customer’s name
and not a third-party or business bank account.
If this check fails, proof of bank account will be
requested. If different bank account details are
provided, a new Direct Debit mandate form will
need to be completed, and a re-sign may
be required.
Acceptable proof of bank account includes:
• A copy of a bank statement showing the
customer’s name, current address, sort code and
account number.
Our distance sale documents contain this
additional information to comply with Consumer
Contracts Regulations 2013, e FSDMR, CONC
2.7, (where relevant) CONC 11, and the Consumer
Credit (Disclosure of Information) Regulations 2010.
What are distance sales
Distance sales are those where a trade, such
as a dealer, makes exclusive use of distance
communication (for example, via the internet, email,
or telephone) up to and including the point at which
the contract is entered into with the customer.
In all circumstances (both for eSign and ‘wet sign’)
the dealer or broker is obligated to:
• A copy of a cheque or paying-in slip.
• Provide adequate explanations to the customer
of the details of the agreement;
• A copy of a debit card (with the card number
redacted) can be provided to con昀椀rm bank
name, sort code and account number.
• Allow adequate time for the customer to read
and consider the documents and the agreement
and to ask questions; and
If the customer has changed their name but still
needs to update their bank details, proof of name
change may be required.
• If at any time the dealer or broker believes
the agreement is unsuitable for the customer,
either through lack of understanding, inability to
afford or any other reason, DO NOT PROCEED
with the acceptance and instead contact our
Underwriting and Pay-outs (New Business
The Signing Up Process
Customer agreements can be accessed on-line
for electronic signature (eSign) via our Redline
platform.
Processing Team) regarding the applicant.
Where eSign is not being used, the customer
agreement must be printed and presented to the
customer for ‘wet signing.’ The documents must be
completely legible, ensuring all the information is
clear and present.
The dealer or broker must ensure the customer is
presented with the correct documents according
to the type of sale. Where the sale is not faceto-face but completed at a distance (Distance
Contract), the pre-contract information contains
additional information which must be supplied to
the customer.
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