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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.”


Walker, Crips, Weddle, Beck – CF Walker Crips UK Growth Fund

Type: Unit trust Aim: Growth by investing in UK equities Minimum investment: Lump sum £1,000 Investment split: 100% in UK equities Isa link: Yes Pep transfers: Yes Yield: 5.3% Charges: Initial 5%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel:020 7253 7502

Walker, Crips, Weddle, Beck – CF Walker Crips Equity Income Fund

Type: Unit trust Aim: Income and growth by investing mainly in UK equities Minimum investment: Lump sum £1,000 Investment split: 15% transport, 9% insurance, 9% building materials/construction, 8% tobacco, 2% banks, 9% other financials, 5% mining, 4% food producers, 4% oil, 4% electricity, 3% property, 3% fixed interest, 2% aerospace, 2% banks, 2% water utilities, […]

B&B in link-up with Standard to distribute Sigma range

Bradford & Bingley is to become the main distributor of Standard Life&#39s Sigma fund range under a new agreement which the life office hopes will help it win a bigger slice of the mutual fund market. B&B&#39s advisers will buy through Sigma any funds on its recommended panel which also appear on Standard&#39s platform, currently […]

Octopus Asset Management – Eclipse

Type: Venture capital trust Aim: Growth and income by investing in unquoted and Aim-listed companies Minimum investment: Lump sum £3,000 Closing date: September 30, 2004 Charges: Initial 5%, annual 2.25% Commission: Initial 2.25%, renewal 0.375% Tel: 0800 619 7977

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


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