Adviser "angst" over anti-money laundering rules
New anti-money laundering requirements will be a headache for advisers, and will provide no benefit to them or their clients, according to IFA president Nigel Tate.
The Financial Markets Authority recently issued guidance for advisers on how to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act, which passed in 2009 and comes into effect next year.
Tate said the anti-money laundering requirements would cause some "angst" among financial advisers this year as they prepare for the new regime.
"It will become just one more thing that is compliance-based...MORE»
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