Not only are different companies interpreting the money-laundering rules in different ways but we also have a whole new swathe of paperwork to deal with.
No doubt, the extra costs which we have to bear will be amply covered out of the generous 1 per cent annual charges. Not to mention the time cost which will further detract from the advice process.
It would be interesting to get some feedback on money-laundering statistics. Has any IFA money-laundering activity led to the apprehension of any dastardly individuals or is it all just a complete waste of time?
If anyone has any statistics then please let us know.
Investors Planning Associates