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Join forces to oppose rules on laundering

I have not written to a trade paper before but now I feel I have to. I would like to appeal to all advisers in the UK, whether IFAs, account-ants, lawyers, insurance brokers or any other form of adviser. What we need is a wholesale rejection of the chronic misapplication of money-laundering regulation being forced on all of us by the industry.

Leaving apart the fact that the vast majority of the regulations with which we are involved make no tangible contribution to the prevention of money laundering and crime, the simple fact is that the situation is now unworkable.

I am sure we all accept that certain capital-based transactions need to be investigated thoroughly and that, fundamentally, we all would like to work for a reduction in crime. However, the way that many life insurance companies and unit trust groups are now applying these regulations is idiotic. Is there anybody out there who would like to join in creating a ground-swell of opposition? There have been several occasions when I have been asked to fulfil quite unnecessary requirements.

By pointing out to the organisations in question that these requirements are not enshrined in legislation and then refusing to fulfil them, I have managed to avoid them. If we all start to do this, the providers will surely get the message. Let’s get some realism back into this very important but currently incorrectly regulated matter.

Steven Berry

Chamberlain Berry,

Chippenham, Wiltshire

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