Banks now demanding sworn statements from wealthy clients

Wealthy individuals who want to do new deals on their borrowings are now required to make sworn statements for their banks, detailing all their assets and liabilities.

26th February, 2012
Banks now demanding sworn statements from wealthy clients
Aidan Scollard of RSM Farrell Grant Sparks.

Wealthy individuals who want to do new deals on their borrowings are now required to make sworn statements for their banks detailing all their assets and liabilities.

In recent months, accountants and advisers have seen a growing number of debt negotiations depend on statutory declarations from their clients. If an individual is found to have omitted information from the document, the lender reserves the right to nullify the deal.

The move is seen as part...

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