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A&L rejects centenarian&#39s cash

An IFA has hit out at the inflexibility of the FSA&#39s money laundering rules after a 101-year-old client&#39s £170,000 investment in a two-year fixed-rate bond with the Alliance & Leicester was refused.

Croydon IFA Dennis Munday says centenarian Phyllis Grogan had her application turned down because of insufficient identification.

Mrs Grogan&#39s nephew, a senior partner of Streeter Marshall solicitors, to which Munday is attached, had instructed Munday to invest the money from his aunt&#39s maturing building society account into A&L.

Mrs Grogan no longer has a valid passport or driving licence and the bank was not satisfied with the documents provided, which included copies of a utility bill, a communication from the Inland Revenue, a national identity card, a letter from the benefits agency, a bank-issued tax letter and a P60 in respect of her pension.

Munday says: “Alliance & Leicester refused to accept the documents we gave them even though we, as Mrs Grogan&#39s solicitors, had certified them as a true copy of the original. This is surely bureaucracy gone mad.”

Alliance & Leicester press manager Peter Brown says: “Our staff do have to see and stamp the original documents to say they have seen them under the money laundering rules.”


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Derbyshire Building Society has established a combination product that consists of a high-interest account and a unit-linked bond. The Derbyshire dual bond places 30 per cent of investors&#39 capital into the high-interest account element, which is fixed at 7 per cent gross for one year. The remaining 70 per cent of capital will go into […]

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Tapering of annual allowance – adjusted and threshold income

The definitions of adjusted income and threshold income used to determine whether, and to what extent, someone’s annual allowance will be reduced can be confusing.  Here we try to make sense of it all. The annual allowance will be reduced for high income individuals from 6 April 2016.  Our previous article Tapering of annual allowance […]


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