Here is my recent experience with this issue:
My portfolio is circa £250k, mostly profit. I have been through basic levels of due diligence 3 times in the last 3 years. The process was quick & easy with good communication.
I went through enhanced due diligence about 1 month ago. My portfolio was not at its peak level and my trading activity slightly lower than normal so i am not sure what the trigger was.
The process took about 14 days. My account was not suspended during this time. I would say my financial situation is rather simple.
It was not a good experience. They forgot to attach 'source of wealth form' that i needed to sign - but this was obviously just an unfortunate mistake. There was unnecessary back & forth with further requests that could have been made at the start. Communication speed was very poor. I felt the process took a worryingly long time.
I eventually received an email stating everything was finished and they were satisfied - but with some generic warnings about gambling etc. Obviously a satisfactory & expected result despite the poor experience that accompanied it.
FI have almost no motivation to ban people without good reason. Therefore I suspect one of the following:
- OP is withholding part (or a lot) of the story
- OP has honestly provided all possible info and FIs honest judgement is that not all his funds originated from an acceptable source
- Someone at FI has not correctly analysed his situation and they are now being lazy / stubborn (or do not have the time) to review the decision
My guess is number 2...fairly simple, possibly unlucky, but almost certainly nothing sinister on FIs part. If it is 2 or 3 he can take it up with the gambling commission if he has nothing to hide.
Regardless...FI do need to improve the process so that is is quick & transapprant. They should also make it crystal clear to new & existing customers what the due diligence rules are (its probably in some very small print somewhere?) .
This topic should be removed from the forum as the title contains incorrect information that is not beneficial to the FI community.