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Behind the times

In today&#39s world of high technology, I was totally bewildered at a clause

in the terms and conditions of a well known investment house who shall

remain nameless.

In these terms and conditions, the section on change of agency states

change of agency instructions will only be accepted in the form of a

handwritten communication from the client.

So, where communications can be typed and transmitted around the world in

a few seconds, we have a company which is demanding a reversion to the

quill pen. Whatever next?

Will they soon be insisting that investments will only be accepted if

clients deliver a bag of cash to their offices or, better still,

investments may only be accepted in the form of produce or livestock, with

a minimum investment level of three sheep or two wagonloads of barley?

The standard process of preparing a change of agency letter and getting

the client to sign it not only avoids the need to decipher handwriting but

also makes the process of transferring the agency simpler for both the

client and the intermediary and is accepted by every other organisation.

What this firm are effectively conveying in this statement is that an

intermediary cannot be trusted and that their clients must be stupid. Give

us a break.

Ian Lowes

Managing director,

Moneyscene.co.UK

Newcastle

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