We have listened to valuable feedback from clients and worked closely with industry groups. This has resulted in us offering a more practical and client-friendly account opening process, streamlining administration whilst meeting our regulatory obligations.
Syndicates
Syndicates no longer need to be registered as a limited company, regardless of the number of members. Syndicates can now open accounts directly with incorporation remaining entirely optional.
Partnerships
Partnerships no longer need to incorporate or appoint a third-party administrator.
Racing clubs
Only the club manager is required to complete the application. Individual members will not be required to submit any forms.
In addition, syndicate and partnership members forms have been simplified and we will only need syndicate members and partners to complete a short, one-page form providing basic personal details. We will only ask for additional verification where we are unable to complete the process electronically.
As part of the current ongoing due diligence review, during the remainder of 2025 and into 2026 we may contact some clients to confirm and refresh current details to ensure that these remain up to date.
We aim to keep this process as light touch as possible for clients, using electronic verification wherever we can. However, this is a mandatory part of UK banking regulations.
We are here to help you throughout and will continue to engage with industry bodies and clients. As ever, we welcome your ongoing feedback and engagement, while we remain committed and dedicated to enhancing our services and simplifying your racing banking experience.