Well, I have verified the person, because I don’t want my account closing.
But the problem is, it is wrong.
If Monzo said they needed me to verify anyone who owned 25% or more of the company then that would be different from asking me to verify people as PSCs when they are not.
Greater than or equal to is not the same as greater than…
Edit: there will be quite a large number of limited companies where ownership is split 75/25 and it just causes unnecessary work for the customer and for Monzo if everyone has to verify those 25% owners.
That’s true of course @xnox. But ownership seems to be the criteria they are using in my case.
And I will reiterate that they pointed me to Companies House to check the PSCs for my business, and the person they say is a PSC is not listed there. Reason being, on my annual Confirmation Statement I didn’t report them as such based on the criteria on the online form, and the advice of our accountants.
If Monzo are using their own criteria to decide who is and isn’t a PSC (ignoring the Companies House records) that should be made clear, and they should not then point you at Companies House to check.