This is disgusting. We have already had to make sure that the clients, applications, reasons why and money laundering are all correct at the time of processing. Notwithstanding that our compliance company may have already file tested these cases. Do you think that Lloyds will pay me for my staff’s time in procuring and sending out this information again? Sure, if Lloyds wants me to confirm identity, but what about all the other information which it has already had?
This must be the way to siphon out brokers it does not like. If we go back over the past 10 years, I personally have given Lloyds, Halifax, Bank of Scotland, Scottish Widows and Intelligent Finance (all part of the same group) millions of pounds worth of mortgages. Now that we are concentrating on investments and not mortgages, Lloyds does not want to know us.
ASK’s external compliance company tells me that one or two other firms have recently had this letter too warning of the consequences of not giving all it wants.
Having paid its wages for 10 years as a broker, I have had to suffer the ‘direct deal’ rates, disappearing procuration fees and, of course, the UK taxpayers’ bailout.
I have not decided what to say to the unfortunate recipient when I call – perhaps Sir Alex could lend me his hairdryer?
Dave King
Partner
ASK Independent Consultants
East Kilbride
South Lanarkshire
