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Brokers hit out at C&G stance on laundering

Brokers are expressing frustration at the strict interpret-ation of the money-laundering requirements adopted by Lloyds TSB subsidiary Cheltenham & Gloucester.

They say C&G has started demanding much more in terms of proof of identification from prospective borrowers.

Brokers say that, previously, if there was a slight discrepancy between the spelling of a name on an application and proof of ID or the electoral roll, C&G was willing to adopt a common-sense approach. Now, however, it is taking a much firmer line, demanding exactness and citing the risk of financial crime as justification.

Hamptons International Mortgages technical director Jonathan Cornell says: “It used to be they could look at something and take a common sense approach, but now they are quite often asking for further information.”

C&G media and public relations manager Esther O&#39Reilly says: “As we move forward into a much more robust regulatory environment, all lenders, not just C&G, will have to reposition themselves to fight financial crime.”

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