Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence.

Morganist Economics copyright October 2014 Peter J R Morgan. 1 | P a g e

Proposal for Financial Reporting Standard;
Dealing with Account Operations and
Correspondence.

Letter of Account Freezing. Justification (draft).



Peter James Rhys Morgan.












Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence.



Morganist Economics copyright October 2014 Peter J R Morgan. 2 | P a g e










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Published in October 2014 by Morganist Economics.
Blog: morganisteconomics.blogspot.com
Copyright 2014 Peter James Rhys Morgan.


Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence.



Morganist Economics copyright October 2014 Peter J R Morgan. 3 | P a g e
Letter of Account Freezing. Justification.

Section 1; Authenticity.
XXXX Bank
Registration Number.
Justification.
Letterheads are highly recommended as they provide authenticity to the organisation who sends the
letter. (Headed letters by registered companies, organisations and charities are held with more
consideration by legal practitioners and can act as better evidence if the case is taken to court).
Reference to the company's, organisation's or charity's registered number should also be stated as it
could help to prevent fraudulent letters being forged by the account user. It can also act as an
avenue for legal pursuit if fraudulent activity has occurred on the part of the account provider, which
may not be registered to provide an account by the relevant body thus acting illegally or even
fraudulently by operating the account. (By displaying registration numbers in official documentation
non registered organisations will be spotted).
Section 2; Contact Details and Correspondence Details.
Bank/Account Provider's Address Customer's Address
Bank/Account Operator's Contact Details.
(Date of writing). 1st February 2015.
Justification.
The address of both the account provider and the account user must be included to make
correspondence possible. Contact details of the account operator must also be displayed to enable
direct communication between both parties. The date the letter was sent should be included within
the letter to provide evidence the letter of account closure was sent within a reasonable time of the
action of closing the account. This helps to make sure the customer has a copy of the letter, as well
as the bank to legally protect them both.
Section 3; Agenda of Letter, Customer and Account Details.
Letter of Account Freezing.
Dear Customer
In regards to your account No. XXXXXXXX.
Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence.



Morganist Economics copyright October 2014 Peter J R Morgan. 4 | P a g e
Your account numbered XXXXXXXX was Frozen on 1st February 2015, which is the Date of Account
Freezing. There is suspicion of activity on your account which may be fraudulent on behalf of the
user/holder/operator/provider/underwriter/other party. As a result of this suspicion the account
user/holder and/or the account operator/provider cannot use/operate the account until proof of
fraudulent activity is dismissed.
Until either the internal investigation of the operator/provider/underwriter/other party has finished
or the account user/holder has proven the suspected fraudulent activity to be legitimate and
mistaken the account will be inoperable. While the account is inoperable no
payments/transactions/transfers will be possible either into or out of the account.
All fees, interest, payments and charges by both account user/holder and account operator/provider
will be withdrawn/negated as the account is not functioning to the operational requirements
expected by either the account user/holder or the account operator/provider as agreed to when the
account was opened. Whilst the account is frozen the legal contract between the account
user/holder and the account operator/provider is also frozen.
If proof of the identity of the account user/holder is requested by the account operator/provider or
legal/investigating party it is required by financial regulations the account user/holder is available to
provide evidence to continue the operation of their account. By not providing evidence of their
identity the person who has been operating the account will appear suspicious and could be
investigated on the premise of identity theft.
Please note when the account is Frozen it is still open and inoperable not closed. It is expected by
the account user/holder to Unfreeze the account on receipt of this letter as the account cannot be
used/operated or even closed until the suspicion of fraudulent activity has been removed, this may
require action (often in the form of proof of identification) by the account user/holder.
If there is suspicion of fraudulent activity on behalf of the account
operator/provider/underwriter/other party the account user/holder can find out more information
regarding the investigation by contacting the investigating body, financial regulator or the financial
ombudsman service.
Section 4; Procedure for complaint or suspicion of fraudulent activity regarding the account.
Complain to the Underwriter.
The provider of this account has been underwritten by XXXX who may also be held responsible if
your account has not been administered by the correct legal standard. You could also contact the
account provider's underwriter XXXX if you are unsatisfied with the operation of your account or
believe fraudulent activity to have been performed.
Address of account provider's underwriter.
Complain to the Financial Ombudsman.
Proposal for Financial Reporting Standard: Dealing with Account Operations and Correspondence.



Morganist Economics copyright October 2014 Peter J R Morgan. 5 | P a g e
If you feel the account has not been operated correctly according to the required legal standard or
you suspect any illegal activity on your account on behalf of the operator, provider or underwriter
you can contact the financial ombudsman through the following address and details.
The Financial Ombudsman Service
Exchange Tower
London E14 9SR
complaint.info@financial-ombudsman.org.uk
020 7964 1000 (switchboard)
+44 20 7964 1000 (for calls from outside the UK)
020 7964 1001 (main fax)
Justification.
Provides the information required for the account user to complain or seek legal action against the
account operator, provider or underwriter.
Section 5; Account Operator Sign Off.
Signature of the Account Operator and the Date the letter was signed.
Justification.
Provides authenticity and evidence that the account operator closed the account, rather than
someone who was not permitted. It also acts as a reference if the account user wishes to complain
about the account operator to the account provider, underwriter or ombudsman.