Why we ask so many questions

We ask for a lot of information in order to build your financial plan. Let's talk about why.

Financial advice is what’s known as a “regulated financial service” so to be able to provide advice, Multiply is regulated by the Financial Conduct Authority. What does that mean? Essentially we have to comply with all the regulation that has been put in place to protect you.

It can seem like a lot, we get it, but your answers enable us to do two main things:

1. Make sure you are a real person and that you're legit

There are a lot of bad people out there doing a lot of bad things and it's not just in the movies. From simple localised theft to global networks involved in human trafficking and terrorist networks, financial crime is a pandemic that touches most people's lives.

To do our bit to prevent this, we have to verify the identities of all our customers, which is where you come in. You need to provide us with some information to help us verify you’re a real person and that nobody is impersonating you or your family. It’s no different to providing ID to open a bank account.

We take this stuff seriously. We have read, digested, and cogitated lots of information to make it as simple as possible for you. But, if you like detail The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations is the holy grail.

2. Deliver advice that's personal to you

Sometimes it's pretty obvious why we'd need a piece of info. Your income is a classic example. The amount of money you've got coming in each month helps us calculate what mortgage you could get, recommend the ideal amount to save each month, and more.

Some questions, like which savings account you currently have, might seem a bit more random. But we only ask for the info we need to give you financial advice.

For example: we'll assess your current savings accounts to check whether we can recommend one that might help you hit your goal quicker, such as a Lifetime ISA.

Everyone is different. Financial advice can be super valuable, but the wrong advice could hold you back. Multiply takes steps to make sure we don't do that.

Want the long read? The FCA Handbook provides a lot more information.

What we do with your info

Firstly, we handle it all in accordance with our Privacy Policy. Just so you know.

We also keep data in our databases anonymised, so that even people working at Multiply don't get to see your real name unless there's a need for them to know that.

For example, we show your real name to team members if you email us to ask a question. But even if they know your name they still can't link that to your personal info like your salary or address - that stays under wraps.

But we also turn a list of facts into your personalised financial plan. The Multiply advice engine crunches all the numbers you give us, and works out everything you should be doing with your money to get you closer to your goals.

Still got questions? We're all ears. Drop us a line at support@multiply.ai.