Allow me to set the scene. A retired vicar and his wife, both aged 85, move into a Church of England nursing home on full nursing care.
They have an existing Standard Life investment bond. They need to make a further share exchange investment in agreement with their accountant who has enduring power of attorney.
Standard Life does not require to see the power of attorney document again and so does not require a money-laundering certificate for the accountant.
However, Standard Life requires money laundering to be executed again for the retired vicar and his wife. Apparently, Standard Life regards this as high-risk investment – disposing of further shares to be invested within an existing bond.
Are these people to be considered the new drug barons of tomorrow?
For as long as Standard life interprets money-laundering regulations in these circumstances, then the real villains will have a field day deceiving this company with its narrow-minded attitude.
Stephen Harris Financial Services