Cheers people. The SB firms certainly do ask if you have an income when you're applying to open an account. But has anyone here actually applied for a SB account and declared zero income?
Having a bank account is also a necessity, at least for when you wish to make a cash withdrawal, as this will need to be handled in compliance with money laundering regs, but having a bank acocunt without income is not a problem.
Having a bank account is also a necessity, at least for when you wish to make a cash withdrawal, as this will need to be handled in compliance with money laundering regs, but having a bank acocunt without income is not a problem.
Masquerade
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This is the correct answer.
But how do we know you're telling the truth?
neil
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SB firms don't want the truth or proof - just an excuse to furnish you with an account:whistling
I don't think it would be illegal to lie about your income when opening a spreadbetting account unless you're applying for a credit account.
FSA regulations state that they must ask for your income to check if spreadbetting is right for your financial circumstances.
FSA regulations state that they must ask for your income to check if spreadbetting is right for your financial circumstances.
donaldduke
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It maybe if you lose more than the money in your account and cant afford to pay it back?
But Limited risk account is ok, as you cant ever go 'overdrawn'.
On lying to SB firms and others to open an account - I do think that the obtaining of services by deception is a criminal offence. In this particular case, the SB firm would end up with not just the documentary proof of an untruth but also my money. So I don't think I'll be going down that road.
