The Student Room Group

Category five CIFAS MARKER

I have a category 5 CIFAS marker against my name from monzo. I am in my second year of uni. In May 2021 (first year) I gave my details to someone who used my details for fraudulent activity. So the CIFAS marker is for missuse of faculty. I didn’t know of this CIFAS and in December 2021 I took up a phone contract which I was accepted for but this the credit check unveiled it. I also had a current account with Halifax Which I had for years and Lloyds student account I opened august 2020. And 3 weeks after getting the contract making it the end of January 2022 I received a text saying that both accounts would be closed. I was confused and then I found out what CIfas had against me. Now my student finance payment is due in three weeks time 16th May and I’ve been using a a pre paid card since January but The University have told me that I won’t be able to get paid student finance as it can only be paid into a bank account.
The list of banks that won’t accept me because of this marker
Santander
Metro
Bank of Ireland/Scotland
Lloyds
NatWest
Yorkshire
HalifX
HSBC
Clydesdale Bank
Barclays
Cooperative
Nationwide
Danske
Someone please help me I am a nursing student and I need to receive student finance to be able to get to my placements

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Have you taken a look at Bank accounts and a history of fraud? It implies that one of the following might be an option:

Card One Money Current Account
Think Money Current Account
Original post by tachelle02
Now my student finance payment is due in three weeks time 16th May and I’ve been using a a pre paid card since January but The University have told me that I won’t be able to get paid student finance as it can only be paid into a bank account.

Your university don't pay the maintenance loan -- that comes direct from SFE/SAAS etc.

Does your prepaid card allow you to receive payments via just a sort code and account number? That's likely to be enough for you to be able to receive the maintenance loan. Which prepaid provider are you currently using?
Reply 3
Original post by martin7
Your university don't pay the maintenance loan -- that comes direct from SFE/SAAS etc.

Does your prepaid card allow you to receive payments via just a sort code and account number? That's likely to be enough for you to be able to receive the maintenance loan. Which prepaid provider are you currently using?


Hi I know that the Uni doesn’t pay my student finance I’ve nearly finished my second year and it’s been fine all this time. However the Uni wanted bank statements and I was applying for something and then that was when they had told me that I would need a bank account to receive my student finance. I called student finance yesterday and they told me that they don’t accept no prepaid cards and it has to be in a bank account with your name. I am healthcare student and have managed to receive my bursary payments via my prepaid card so I don’t know why there’s an issue for my student finance. I am using HyperJar and Pockit
Reply 4
Original post by DataVenia
Have you taken a look at Bank accounts and a history of fraud? It implies that one of the following might be an option:

Card One Money Current Account
Think Money Current Account


Hi thank you for your suggestion but they have been unsuccessful. I have two prepaid cards that are used with no problem but student finance said they wont accept this to pay my maintenance Loan to me with.
Reply 5
Word on the street is that SFE are starting to refuse to transfer money to sort codes of institutions without a banking licence.
You could try and get it removed, otherwise you’ll have this issue for 6 years, but as you say that you have your details to someone else, it seems legitimate https://www.cifas.org.uk/contact-us/i-want-to-make-a-complaint

You could try applying for the most basic of bank accounts https://www.moneysavingexpert.com/banking/basic-bank-accounts/

Note that the flurry of activity of applying for accounts and getting turned down is unlikely to be helping your credit score…

[not advised - see below (Else, can you get your loan paid into a relative’s account?)]

Good luck with it.
(edited 1 year ago)
Reply 7
Original post by BlueChicken
Else, can you get your loan paid into a relative’s account?

Banks tend to frown upon known fraudsters knowingly bypassing KYC and AML checks........
Original post by IWMTom
Banks tend to frown upon known fraudsters knowingly bypassing KYC and AML checks........

Yeah, I did consider this. However, I believe some people do this anyway, not because they have issues with obtaining an account. I admit, it is a last resort…
Reply 9
Original post by BlueChicken
Yeah, I did consider this. However, I believe some people do this anyway, not because they have issues with obtaining an account. I admit, it is a last resort…


It's a monumentally stupid thing to do as it only opens up the relative to a misuse of facility marker also...
Original post by IWMTom
It's a monumentally stupid thing to do as it only opens up the relative to a misuse of facility marker also...

And it's fairly obvious from the bank's POV if it comes to their attention too.

"Oh, I guess this salaried person is also a full time student now as well."

*presses account freeze button*
Original post by Admit-One
And it's fairly obvious from the bank's POV if it comes to their attention too.

"Oh, I guess this salaried person is also a full time student now as well."

*presses account freeze button*

I am actually going to be a salaried person and a full time student, potentially with a student loan, why is that an issue?

I am not saying they should in any way do anything underhand. However, it seems SFE will grant the loan, despite the CIFAS marker, but they need an account to receive it into - what can they do then? If the answer is “wait 6 years”, then so be it. Hopefully they are able to open a basic bank account for people with credit issues.
Original post by BlueChicken
I am actually going to be a salaried person and a full time student, potentially with a student loan, why is that an issue?

Changes in account behaviour get flagged for the attention of credit and risk teams.

Having a part time income and indications that you are a student obviously isn't an issue. However we are talking about a third party with (presumably) a full time job who then also appears to be receiving sizable deposits from SFE. It would draw attention, which is exactly the kind of thing you don't want if you are breaching your banks T&C's by taking payments for another person.

As Tom says, you're just putting the other person at risk for getting a CIFAS marker too.
Original post by Admit-One
And it's fairly obvious from the bank's POV if it comes to their attention too.

"Oh, I guess this salaried person is also a full time student now as well."

*presses account freeze button*

Let's not forget the fact that these days you can validate the payee name relatively trivially. If SFE are starting to crack down on institutions without banking licences, I wouldn't be surprised if they validated the payee too!
I'm pretty sure I've seen SFE state that they can only pay maintenance loan into a bank account in the name of the recipient so having it paid into a relatives bank account is a moot consideration as I don't believe they permit that (whatever the banks think of it).
Original post by IWMTom
Let's not forget the fact that these days you can validate the payee name relatively trivially. If SFE are starting to crack down on institutions without banking licences, I wouldn't be surprised if they validated the payee too!

Yeah, even my own banking app tries to validate against the payee name nowadays. No doubt SFE can do the same.

Original post by artful_lounger
I'm pretty sure I've seen SFE state that they can only pay maintenance loan into a bank account in the name of the recipient so having it paid into a relatives bank account is a moot consideration as I don't believe they permit that (whatever the banks think of it).

Yeah, that's the guidance they've always given on here.
Original post by IWMTom
Word on the street is that SFE are starting to refuse to transfer money to sort codes of institutions without a banking licence.

I'd be interested to see an official statement from SFE confirming that. Preferably on their own website.

It seems to me that if the UK's financial regulators are happy for an organisation to operate either banking or e-money services in the UK, then SFE should respect that and allow loans to be paid to such accounts. It seems bizarre to refuse to allow payments to accounts run by organisations with an EU banking licence who are nevertheless allowed to by UK regulators to operate within the UK.
Original post by martin7
I'd be interested to see an official statement from SFE confirming that. Preferably on their own website.

It seems to me that if the UK's financial regulators are happy for an organisation to operate either banking or e-money services in the UK, then SFE should respect that and allow loans to be paid to such accounts. It seems bizarre to refuse to allow payments to accounts run by organisations with an EU banking licence who are nevertheless allowed to by UK regulators to operate within the UK.

Was one of their reps on here a couple weeks ago.
Original post by IWMTom
Was one of their reps on here a couple weeks ago.

Yes, I saw that, and boggled.

But this seems to be a significant restriction on where students are allowed to receive their funding, and so it would be good if an official SFE rep could point to an official statement (or FAQ, or their own Ts&Cs, or whatever) on SFE's website confirming that.

And, on the flip side, it would be interesting to see if any current students who are (for whatever reason) receiving funding from SFE onto prepaid cards could indicate what prepaid cards they are using for that.
Original post by martin7
I'd be interested to see an official statement from SFE confirming that. Preferably on their own website.

It seems to me that if the UK's financial regulators are happy for an organisation to operate either banking or e-money services in the UK, then SFE should respect that and allow loans to be paid to such accounts. It seems bizarre to refuse to allow payments to accounts run by organisations with an EU banking licence who are nevertheless allowed to by UK regulators to operate within the UK.

Here's what they were saying a few months ago.

https://www.thestudentroom.co.uk/showthread.php?p=96978105

If you do get an official response from them, (either on their website or email), we'd be interest in seeing in here.

Here's another relevant quote for this from this thread:

Original post by SFE Isaac
Since I don't have a bank account in the UK I've given my dad's banking details. Is this okay and can I change it afterwards?
Please don't do this or it will cause your funding to be blocked and delay your payments. The bank account must be in your name, if we find that it's not in your name then your funding will be blocked until we receive a bank statement to see who's account it is.

(@IWMTom - you might find that bit interesting)

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