HindeSight Letters #95 December 2022 - Newsletter - Read Here
CONTENTS
OVERVIEW
INVESTMENT INSIGHTS
PORTFOLIO UPDATE
HINDESIGHT DIVIDEND UK - PORTFOLIO #1 DEC 22
OVERVIEW
The December 2021 HindeSight letter signed off with the thought for 2022, “Fearful”, mainly due to concern that the high inflation would see unwelcome rises in market interest rates and worries about the geo-political situation. Unfortunately, being pessimistic and right on bad outcomes never feels as good as optimistic on good outcomes, should they ever return.
My main thoughts for 2023, especially in UK and Europe are “Lower your expectations, understand that the facts have changed and based on that, focus on different opportunities”
At my advancing age, lowering expectations has direct correlation with keeping my blood pressure in check, but, everywhere I look, I believe it is key to mental and financial survival.
In the UK, the most obvious observation is that seemingly most of the country is on strike or on the decline in terms of efficiency. Whether you are travelling by train, amid strikes and declining service, getting medical services or receiving post, it ain’t what it used to be. Want to open a bank account? Think two months, with a dirge of online ‘interaction’ and no human to speak to. Over regulation, compliance, call it what you want, the outcome is appalling.
My current ‘laugh-a-minute’ story is the ongoing discussions with the one of the largest charge card providers. I have had uninterrupted excellent card services with this provider since 1986-until recently, when my account was suspended due to an inability to validate my KYC, (Know your customer). Of course, addressing fraudulent access to financial services, often through fake identities is as old as the hills but in recent years, it has been taken to a new level of insanity, where common sense (clearly, not that common) has left the building-with Elvis!
In my case, my KYC has failed due to not being able to ‘sufficiently’ validate/prove the address of one of my supplementary card holders-my father. As you can imagine, we are not talking about an illegal immigrant who rocked up on a boat last week with no/suspect paperwork, but a 90-year old man who has lived and worked his entire life in the UK. The fact that my parents bought their home in 1960, before it was even completed, have been and continue to be the only inhabitants of this address 62 years later, the only people who have ever paid a mortgage, rates or services at this address is seemingly irrelevant to the KYC team! The council tax and utility bills provided to the card provider, clearly with both my parents’ names on them, as well as certified passport copies are apparently not ‘sufficient’ -go figure.
But, this is the world of 2023.
• You spend hours sourcing, then uploading both to their portal as well as sending by recorded mail, 20 KYC documents to the card provider
• To merely get the reply, “Failed”- Please resubmit, repeat until- Account suspended!
• More hours on the phone, explaining that surely not all 20 documents failed, please be specific.
• Finally, we narrow it down to KYC ‘failure’ for my father’s address.
• Hmm. This is all the documentation I have available, etc
• More wasted conversations and we have not progressed, apart from being advised that “it might be easier if you just remove your father from your account???”
• Er..how about poke it?
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