What Are CIFAS Markers?
CIFAS stands for ‘Credit Industry Fraud Avoidance System‘, a not-for-profit fraud prevention membership organisation.
CIFAS effectively operates as a fraud prevention service, and its membership is made up of a large number of financial institutions.
Members of CIFAS can share information about individuals and companies and, more importantly, warn other members of the risks associated with a particular individual or company by issuing CIFAS markers.
The most common types of CIFAS markers issued are for first-party fraud or application fraud. They can usually be held for up to six years on the CIFAS database.
How Can CIFAS Markers Impact People?
Having a CIFAS marker placed on an individual’s file can be hugely frustrating, and the effects can be very damaging.
Individuals who have been issued with CIFAS markers are usually prevented from being able to open a bank account, apply for credit or obtain any other financial service.
An individual subject to a CIFAS marker can apply to have the marker removed.
How Can CIFAS Markers Be Removed?
The first step is to make a direct subject access request to CIFAS requesting details of the marker and the institution that issued it.
Once this information is obtained, the next step is to contact the institution that issued the marker to request its removal.
Written representations will need to be made explaining why the marker should be removed. If the institution does not agree to remove the marker, the next stage is to request a review directly with CIFAS. CIFAS are required to review the matter within 14 days.
If CIFAS refuses to remove the marker, it may be possible to complain directly to the relevant ombudsman. For example, suppose the institution that issued the marker is a bank or other financial institution. The complaint will be made to the Financial Ombudsman Service in that case.
Contact Monan Gozzett
Our specialist commercial litigation team at Monan Gozzett has extensive experience in dealing with regulatory matters and frequently works alongside leading Counsel in London.
We can advise you on how to remove CIFAS markers quickly and effectively.
If you have been subject to a CIFAS marker and require immediate assistance, please contact us for a confidential discussion.
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.