Regret going with them for so many reasons
My experience with 1st Formations has been disappointing for several reasons.
First, they promote their partnership with WorldFirst as offering great banking solutions. However, once WorldFirst realizes you were referred by 1st Formations, you’re given a restricted account that doesn’t support GBP and cannot receive payments from other providers. This should be made clear before referring clients — it feels misleading and more like a marketing tactic than genuine value.
Second, their director identity verification service is only available for new directors, not existing clients. Although they claim to offer full guidance and support throughout the process, when I requested verification as an existing customer, they simply refused. It gives the impression that they deliberately withhold services from current clients, focusing only on attracting new ones rather than supporting those who have already paid.
Lastly, the registered address issue is a serious problem. Because so many people use the same 71–75 Shelton Street address, it’s now frequently flagged by service providers. As a result, attempts to open accounts or sign up for services often lead to suspensions. This could easily be avoided if 1st Formations offered unique address solutions to their clients.
Overall, my experience suggests that 1st Formations prioritizes marketing and new signups over transparency and long-term client support. I would advise anyone considering their services to research carefully before committing.
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