Standard Bank
FICA or Standard Bank - R 200k lost opportunity

So frustrated with Standard Bank share trading department. I have requested to open a new account and after two days I had access to the account however, without any trading access until I am FICA verified with them.

I had certified copies mailed to them immediately and 4 days later I had no response whatsoever.

I contact the call centre and I was told that I must personally drop of the FICA documentation in Johannesburg, they do not accept mailed copies. Or at a branch after which it will take 10 days before my account is opened!

The frustration is that at the same I opened another share trading account with a different institution and they were more than happy to accept my FICA verification electronically.

Now the question I am asking, is there different FICA requirements or are different institutions interpreting the FICA regulations differently?

The best is nobody at Standard Bank can really explain to me their double standards!!

Company: Standard Bank
Country: South Africa
City: On-Line Share Trading

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