I am currently trying to open an ISA account at Hargreaves Lansdown and need to provide a proof of address. HL accepts original bank statements from any UK banks except original (stamped) bank statements from online banks, such as Monzo. I really can not comprehend how such a exclusion can be justified. Monzo should be treated like any other accredited UK bank. Has anyone encountered similar issues?
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I suspect that it comes down to the fact that Monzo does not require you to provide proof of address when you open an account. They use different ways to verify you.
It follows that HL chooses not to use the Monzo a/c as proof of address whereas other banks will have done this.
I don’t know if there is any obligation for any organisation to accept a Monzo statement? Likewise, many organisations refuse to accept a mobile telephone statement/bill as proof of address. At the end of the day HL can choose how they do business (provided what they do is legal)
Have you posed the question to HL?
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Try freetrade I’ve transferred my isa to them.
Though traditional banks don’t require proof of address when you change your address. I’ve changed my address several times over the past few years, and all I had to do to update my address at other banks was provide the new address in an online form.
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