What benefits have FICA really delivered.

[TELESPHORE]

I assume most of SA is sick and tired of FICA and the way it is starting to reduce us to a number only. How many times have your bank lost your FICA stuff. How many of you got way strange requirements to FICA.

For example the curators of Ovation (unit trust investment company who got tangled up in Fidentia mess) have the weirdest FICA requirements for clients that have existed for more than a decade. (The company owes the clients money and a lot of it). They send you a small envelope that cannot even take one A4 paper to send back certified copy of ID, utilities bill (or other that confirms your address), banking details (Statement or cancelled cheque. Now how does one fit that into that envelope. Oh yes the ID copy must be signed 3 times by the client. For what?

Has anyone got any information on how much FICA has really benefited the country versus the costs incurred by the public to be FICA compliant. How do elderly people who battle to get to banks manage this mess.

Your views please.

 

[blunomore]

Once you have complied with the FICA requirements for a particular bank/financial organisation, that is pretty much the end of the story - no more hassles, non?

 

[supersunbird]

FICA sucks. Scammers seem to easily open accounts. Makes my life hell when I try to open something because all my accounts are sent to a PO Box. Has anyone ever seen one report of it helping with anything, anyone know of such a case?

 

[The_Unbeliever]

Ya, and FICA requires that I send proof of positive ID to the credit bureau...

PITA...

 

[TELESPHORE]

Once you have complied with the FICA requirements for a particular bank/financial organisation, that is pretty much the end of the story - no more hassles, non?

Not if the bank/financial organisation loses it. Even had one now claiming it expired (SAA Voyager Card).

 

[TELESPHORE]

FICA sucks. Scammers seem to easily open accounts. Makes my life hell when I try to open something because all my accounts are sent to a PO Box. Has anyone ever seen one report of it helping with anything, anyone know of such a case?

Same here - there was no street postal service where I live. It is always a derived proof of residence.

 

[TELESPHORE]

Ya, and FICA requires that I send proof of positive ID to the credit bureau...

PITA...

Yes that takes the cake. Are they reporting on a non existing person you don't ID? Wonder if it would work for SARS. No FICA to SARS no taxes.

 

[rorz0r]

I know of someone who was told theirs was "expired" by Substandard Bank just a couple of months ago. About R1mil in the account as well and it was frozen just like that, no phone call, no warning, nothing.

 

[xrapidx]

FICA sucks. Scammers seem to easily open accounts. Makes my life hell when I try to open something because all my accounts are sent to a PO Box. Has anyone ever seen one report of it helping with anything, anyone know of such a case?

Agreed - Its seriously annoying - especially when I move, and want to update my details with the bank - they then request new FICA documents -they don't understand that I just moved - where the hell am I supposed to get the proof from if everyone wants proof before they update my details to the new address.

 

[gifs]

Here is how easy it is to get around Fica, open an edgars account with whichever address you want. Ask them print you a statement with your residential address.

So basically Fica is useless.

 

[xrapidx]

Here is how easy it is to get around Fica, open an edgars account with whichever address you want. Ask them print you a statement with your residential address.

So basically Fica is useless.

Edgars should also require FICA documents.

 

[gifs]

Edgars should also require FICA documents.

They don't.

 

[RichardG]

My bank has lost my FICA supporting documents more than once..
I applied for a credit card, they wanted a copy of ID, proof of residence and 3 months bank state/salary, after giving them those supporting documents get my credit card. The I apply for another credit card and they say they've not received my supporting documents.

I wish I could just logon to a site and upload the content myself

 

[Veroland]

Ok, FICA is much more than just proof of where you stay etc. FICA in it's current form basically going to dissapear and get rolled into the much lesser know process called CASA as CASA basically does most of the FICA requirements anyway.

One of the big drivers behind these 2 process is the fact that criminals have using "clean" money to fund their activities. Where in the past they stole money for funding they are now taking out loans, have valid accounts etc.

Another lesser know fact is that CASA and to a degree FICA, are international processes and if we do not comply with the international standards overseas banks etc. will start to boycott us. It is very much aimed at stopping terrorism. Every day the banks get a updated list of names of people suspected to be involved in terrorism and if your name just sounds phonetically like one of the names on the list they check you out. The amount of people they acually check up on are staggering, as much as halve the clients of one of our big banks. Normally it's a quick process though and most people do not have to worry about it.

The whole process also ties in with the Credit act, where a bank is not allowed to give you a loan if you can't afford to pay it back etc etc.

I hope this helps a little bit. What you see as a painful FICA process acually encasulates much more than meets the eye.

 

[TELESPHORE]

The intentions of FICA seems noble. Applying it is something different. Also bear in mind that the idea is from countries that have huge resources to throw at the process and ensure that there is minimal inconvenience for the customer.

I am a person, with a banking account for years and at a fixed residential address that can be verified electronically. Not a faceless number and a third class citizen that is suspected of International terrorism.

The irony is that the real crooks run rings around these placebo instruments. That is why I am asking what have been the benefits. What has been achieved? Not what a committee thinks should be achieved.

If it does not work throw it out and put in place workable instruments. Why cannot banks and financial institutions cross reference each other? They do it for bad debt and fraud, why not expand the system to be transparent to the citizens. Now the crooks have the advantage to provide false information on forged documents. It is so easy to forge an utility bill it is child’s play. If the crook has no control over proof then the system is working.

Just look at the comment about Edgars. That says a lot.

 

[Veroland]

As i said, the implications of not doing it reaches far beyond this coutries borders and you do have the right to transparency if you are willing to go through the effort.

 

[Freshy-ZN]

Bank also 'lost' my FICA docs and asked me to redo them. I point blank refused.

 

[supersunbird]

What good has it ever been to us as the public? Why can people open fraudulent accounts then? It's useless.

 

[Veroland]

you guys like bitching, but if you see the fraud thats out there and the unique ways they are coming up with it you will be scared..... Especially the dumb idiots that get caught in it the whole time

 

[supersunbird]

you guys like bitching, but if you see the fraud thats out there and the unique ways they are coming up with it you will be scared..... Especially the dumb idiots that get caught in it the whole time

I don't get what you are saying, aka you're point. Just a bunch of words with no real message, can you rephrase?