Weatherbys Racing Bank presents challenges to owners

It has become increasingly apparent over recent weeks that many owners have been finding the options to accommodate their racing-related financial needs rather challenging, having raised concerns with the ROA in relation to the fees and onboarding process adopted by Weatherbys Racing Bank (WRB).

The growing number of complaints from owners and members led the ROA to raise these directly with Quentin Marshall, Chief Executive of Weatherbys Banking Group. Racehorse ownership should be experience-driven and this starts from the moment you decide to own a racehorse, from the initial registration through to the raceday, and we need to ensure all touch points along the way are focused on customers and key investors. This will be a growing part of the ROA’s future activity.

There were three key areas of concern raised by owners, which were presented to WRB on July 5:

Transparency and accuracy of fees aligned to the tariff

Owners have raised concerns relating to the Multi Owner Account, which is charged at £15 per month as per the tariff, with an additional £10 charged for its Racing Payment Service. Owners should check their statements to ensure the fees deducted each month for operating a WRB account are aligned to the tariff. If there are any queries please get in touch at [email protected] or with WRB directly.

The ROA is now providing examples of potential errors and we will push for a complete review of all WRB charges should it be found that fees are being charged incorrectly to owners.

Identification and verification process

The ROA understands the need for correct processes to be adopted as part of the account-opening procedure, which supports consumer confidence, but the approach must not exceed the regulatory need. This aspect has been an area of overwhelming concern from owners, who have been asked to present personal information before opening a racing bank account, which feels intrusive and brings potentially into question the affordability challenges we are facing across the sport.

HMRC payments to BHA invoice accounts

We understand that WRB have made the choice to remove the ability for HMRC to continue to deposit the VAT refunds of racehorse owners via their BHA invoice account. Whilst discussions around this continue, with the BHA very much aware of this proposal, WRB is yet to confirm the number of owners that will be impacted or whether any alternative solution has been found to support this decision.

It is vital that the ROA takes action on behalf of racehorse owners to address all these areas of concern. Regrettably, the consultation between WRB and the industry regarding these changes was minimal. We now have to work reactively with our stakeholder partners to find solutions that focus on enhancing and streamlining the ownership journey, rather than present unnecessary hurdles based on little insight or engagement, which also incur considerable fees.

Louise Norman, ROA Chief Executive, said: “The ROA is here to represent its members and we have engaged with Weatherbys Racing Bank after a number of complaints regarding its actions.

We will continue our conversation with Weatherbys Racing Bank and update members on any developments in these pages and through our ebulletin.”

Please let us know of any issues regarding your WRB accounts by emailing  [email protected].