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Red tape rolls out in Lazard move

As you are probably aware,Lazard have now become part of the Fidelity Funds Network which, you might reasonably think, requires no action on the part of either us or our clients other than to consider the vastly wider range of funds now available. Not so.

Crazy though it may seem in respect of investments made many years ago, perhaps more than a decade ago, Fidelityare insisting that, as far as they are concerned, all existingLazard clients arenew clients and therefore subject to the rigours ofhaving to prove theiridentity and of their address, as if they are investing money with Fidelity for the first time.

To my mind this is bureaucracy gone utterly

mad. It is just stupid, pointless, unnecessary and time-wasting jobsworthtiny mindednessbut if we and our clients do not comply Fidelity say they will freeze their accounts (not merely liquidate them), so we really have little choice in the matter.What is the world coming to?

Julian Stevens

WDS IFAs, Bristol

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