For new applications we need to verify that the name of the person or company paying for a new protection application matches the bank details provided.
These details will be verified again at claim stage.
We’ll do this electronically and, if the verification fails, we’ll ask your client for more evidence in the first instance. If we don’t receive a response after 4 weeks, we’ll contact you to ask for help.
To allow us to verify that the bank account details match those of the person paying for the plan, or the recipient of the claim, you can use one of the following documents:
These documents must relate to the account being used to pay from or receive to. They can be sent to us securely by replying to the email that we sent asking for the information and attaching the document (preferred option). To do this we need you to save the attachment as a pdf:
Alternatively, the document(s) can be posted to the address below making sure that the plan number is referenced on any correspondence. We don’t need you to send us your original documents. We would prefer you to send photocopies instead. However, we do need a person in a position of responsibility to sign and certify any photocopies. Examples of people in a position of responsibility are:
Please note – Older bank accounts may not have their data stored in the CATO database which holds bank account information. Unfortunately, any accounts which fall into this category will always fail the enhanced electronic bank account check so we’ll request documentary evidence for these accounts.
When we need to carry out AML checks for individuals, we’ll aim to do this electronically. However, if:
we’ll request additional proof of identity.
It’s important to note that the reality of meeting our regulatory requirements means we’re likely to be asking for additional evidence on a regular basis.
For third party claim recipients, nominated beneficiaries or beneficial owners not named on our records, including solicitors and funeral directors, we’ll also carry out real time screenings.
Unfortunately, if we don’t receive the evidence required within three months of a new business application being placed on risk, we’ll cancel the plan and claw back any commission paid.
For claims, we'll be unable to make any claim payments until all anti money laundering requirements have been fulfilled.