In June 2011, The UKBA announced that we would be publishing a list of financial institutions which they consider, on the basis of experience, do not verify financial statements to their high standards. Today they published a list of financial institutions that fall under this category.
The UKBA will use the list when verifying maintenance funds under Tier 4 of the points-based system. An applicant will receive no points for maintenance if they submit documents showing that the funds are held in a financial institution on the list. It is considered you seek professional immigration advice on this to avoid having your visa rejected due to an administrative error.
The list forms part of the reforms to the Tier 4 student immigration route. The change is to ensure that verification of student visa applicants and that they hold the required maintenance funds to support themselves and pay for their course and studies in the UK.
The UK Border Agency will give a 30-day notice period from the date when a financial institution is first listed before the new rule takes effect. This will enable applicants to make the necessary financial arrangements, so that they can provide financial documentation which meets the new student visa requirements.
The list will be kept under review, and will be changed as appropriate over time when required.
The Border Agency will continue to verify financial information from financial institutions not on the list, on a case-by-case basis. They may refuse applications on the basis of these individual checks.