View more on these topics

Looking at the laundry list

At the end of last year, the FSA gave Abbey a nasty early Christmas present in the form of a £2m fine for money laundering breaches.

This apparently arose from an initiative by Abbey whereby they had reported the matter themselves to the FSA.

As the saying goes: “If you tell your wife everything, does she love you more afterwards?”

Certainly not if you are dealing with a regulator who acts as judge and jury with no right of appeal and is always eager to look at ways of topping up the coffers.

It must have certainly acted as a salutary reminder to other banks and building societies not to rush to the gate too quickly.

I see that Abbey&#39s main crime was not ascertaining enough information for money laundering purposes when clients opened new accounts.

As National Savings and Investments normally makes no attempt to obtain such information and can collect deposits of up to £100,000, then no doubt the FSA will wish to fine them in a similar manner.

Name and address supplied


Liv Vic extends extra allocation offer

Liverpool Victoria is to extend the 1 per cent extra allocation offer on its with-profits growth bond until February 27. The move follows on from its recent announcement that the bond&#39s regular bonus rate is to stay at 2.25 per cent. The insurer says that the extra allocation means a new investor could receive up […]

Northern Rock – One-Year Discount

Type:Discounted-rate mortgage Discounted term: Until March 1, 2006 Discount: Up to 95% of valuation &#45 4.65%, up to 85% of valuation &#45 4.75% Payable rate: Up to 95% of valuation &#45 1.09%, up to 85% of valuation &#45 0.99% Minimum loan: £1 Maximum loan: Up to 95% of valuation subject to a maximum of £250,000, […]

Relocation on the menu for ScotProv

The rumour mill says Scottish Provident employees started getting jittery about their jobs when a For Let sign went up outside their office in St Andrew Square, Edinburgh, late last year and then quickly came down.Then catering staff began talking about how their contracts were not being renewed.ScotProv&#39s parent, Abbey, has now revealed that 900 […]

Western Provident Association – Professional Health

Type: Individual private medical insurance for members of professional occupations Minimum-maximum ages: 18-65 Minimum premiums: £1.65 a month, £18.77 a year Maximum benefits: Standard cover no maximum, worldwide option up to £250,000 a year. dental option up to £31,250, cash plan benefits level one up to £705 a year, level two £1,410 a year, therapy […]

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm