Financial assessment and verification of capital – to be checked even in passport benefit cases
In assessing your client’s capital, you should be aware this does not just include money in a bank account. It also includes:
All land and buildings owned by your client or their partner, apart from their main home, including interests in timeshares
Money in the bank, building society, post office, premium bonds, national savings certificates etc.
Shares, bonds, ISAs and other investments
Insurance policies that can be cashed in
The value of other non-essential possessions, such as a boat, caravan, second car, jewellry (but not wedding or engagement rings), antiques or items bought for investment
Money owed to your client or their partner
Money due from the will of someone who has died
Money due from a trust fund
Money that can be borrowed against business assets
A redundancy payment
To avoid later enquiry by us, you should not be satisfied simply by the production of a bank statement. You should check if your client has:
Any other accounts
Any savings or investments accounts
If they do, you should see evidence of this and indicate that you have seen verification of capital by way of this declaration. All documentary verification must be retained on file.
Client claims no capital
If your client declares that they have no capital, this can be confirmed by the client signing the capital mandate option on the online mandate form. This must be signed before the notification can be submitted to us, otherwise there is not a valid application. By indicating that the capital mandate option has been signed, you are confirming that the client has seen the questions about capital and savings.