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Throwing in the towel over Fidelity

The following is a letter sent to me by Fidelity concerning an Oeic/unit trust application and my response

Thank you for resending the enclosed application and cheque for 23,810.98 in reference to our letter of 16 December 2005.

Unfortunately, contrary to our letter of December 16, 2005, we are unable to set up these accounts in the name of C Turner Solicitors. We are able to set up these accounts in the name of the trustees, however, we can only set up an account with a maximum of four trustees.

Please note that we will require an identity verification certificate or documentation confirming their name and residential address.

Please note that any copy of these documents will need to be originally certified. We will be able to set up a correspondence address of C Turner Solicitors.

The residential addresses of the trustees are required for our information only and no correspondence will be sent there. Please note that all trustees will be named in Mr Winstanley’s will.

We are therefore returning all documentation and the cheque and request that they are resubmitted meeting the above criteria. We would like to take this opportunity to apologise for any misleading information in our previous letter.

Fidelity International



OK, I give up – you win. Your outstanding efforts to prevent my placing 23,810-worth of Oeic business with Fidelity have succeeded – I shall place it with another company.

I first asked for guidance and help in completing applications, etc, on December 6, 2005, when I explained on the phone to your colleague that I wanted to invest the above sum for five beneficiaries of a will trust. I was assured that a letter from the solicitors on their notepaper, confirming that they were trustees and including the names of the beneficiaries would suffice.

Subsequently, this was shown to be inadmissible to your business prevention department and my letters, applications and cheque which had been sent by recorded delivery to Fidelity were being returned.

On hearing this directive from on high, I spoke with your Chris Russell, who promised to return my phone call with confirmation of the correct procedure.

In the absence of any forthcoming additional requirements save that outlined in the letter from Fidelity dated December 16 signed by Jennie Sandall and verified by Carolyn Glanfield I returned the cheque, the applications and a copy of the will, together with verification of the status of the solicitors as partners and trustees – all sent again by recorded delivery on December 22.

Oh tidings of great comfort and joy as my answerphone fed me the news that now Nicola Low and Carolyn Glanfield had sent me a seasonal missive again rejecting my submissions as they were now deemed to comply with the false and erroneous advice previously given by Jennie Sandall and verified by Carolyn Glanfield.

It was at this point that my resolve to give business to Fidelity vanished. The company had succeeded in making me look incompetent in the eyes of the introducing solicitors.

Fearful that the FSA might take a dim view of the client’s cheque being tossed about between Blackburn and Tonbridge, I turned elsewhere for help. After all, the 23,810 represented but part of a total investment of 116,407, all the remain-der of which had been processed with others without a problem.

As it is the season of goodwill, I decided to help you by forwarding this letter and yours to the FSA.

Clearly, you appear a little confused by the money-laundering requirements and therefore I felt you might benefit from the FSA’s help and guidance. In addition, further clarification may well be forthcoming from the readership of Money Marketing.

Martin Blackie

Martin Blackie Financial Services,

Blackburn, Lancashire


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