British aristocracy grizzle over banking rules

| 16/10/2014

(CNS): Members of the UK House of Lords are complaining that banks are treating them like "deposed dictators or political pariahs" when they try to open accounts or conduct financial transactions. According to reports in the British press the peers are moaning about being caught up in money-laundering regulations because banks classed them as high-risk "politically exposed persons".

This makes them, and their relatives, subject to extra due diligence checks.

Treasury Minister Lord Deighton told the BBC that banks were acting "disproportionately".
He said UK parliamentarians were not currently classed as politically dependent persons, which are restricted to members of foreign governments, but added that new global standards "will require that they are treated as such".

Liberal Democrat Lord Clement-Jones said even before the new Money Laundering Directive had come into force, his son had been unable to access a cash machine.
Other complaints included a member whose 12-year-old daughter was asked to provide a utility bill and her drivinglicence to get a savings account in her name, and another’s sons were turned down by banks when they found out who their father was.

Lord Deighton said UK parliamentarians should be “treated exactly the same” as he encouraged members to complain to the Financial Ombudsman. He called for a balance so "terrorists and criminals" were targeted, leaving "the rest of us free to go about our business".

 

Category: World News

Comments (23)

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  1. Dreadlock Holmes says:

    I believe anyone with a hyphenated name should be barred from banking anywhere. Especially if it is preceded by the word "Lord" because there is only one Lord and they have no need for a bank.

  2. Anonymous says:

    I had my man read this to me. And write the reply as one hand is carrying my hunting gun and the other a short snifter.

    Most of your commentaries are offensive and inaccurate. I shall have a word with HM and have a gunship sent, can't have the peasants revolting. We would sell you to Cuba, but they've got bugger all money. Still, carry on they way you are and you will soon have bugger all money too! Then we can impose direct rule, rape and pillage again (can't remember the last time we had a good rape and pillage, kind of frowned on these days). Last laugh on us, as always!! God Save the Queen!!

    • Anonymous says:

      How's the gout?

    • Whodatis says:

      Question:

      How will you react when your beloved daughter brings my son home for dinner?

      (Your like-minded colleagues are welcome to respond as well.)

       – Whodatis

  3. Anonymous says:

    You have to love this one! they are getting a taste of their own medicine. 

    Who does Pascal bank with, I hope they close his account!

     

  4. Soldier Crab says:

    Every politician should not be allowed to have an account yet alone a credit card! Far as I am concerned they the ones that implemented these laws…..lmao!

  5. Anonymous says:

    Bahahahaha! Well its abou time they target the real terrorists and criminals

  6. Anonymous says:

    Sounds like the UK might soon be on the FCA Watch List for having had poor Know Your Customer policies until now.

     

    Remember, Cayman got on the FCA list and we have better anti-money laundering legislation and policies than the UK.

  7. Anonymous says:

    Doesn't Lord Deighton realize he is being treated exactly the same. It seems other governments are much different from ours. Lets implement laws and see how it goes. 

     

    • Anonymous says:

      Cayman should have challenged these hypocrites long time ago, in regards to their financial status 

  8. Anonymous says:

    ah poor babies, treated like the high risk they are.

  9. Just'nothaBayah says:

    Be careful what draconian laws you implement as your own ox may be gored!  Good enough for these eletist rulers!

  10. Anonymous says:

    Aristocracy Wendy??? Please, Labour and Liberals have as many Lords as the Tories, if not more.

    • Anonymous says:

      Well titled, Wendy. Conservative, Lib(whatever, I've lost count!), or Labour, makes no difference, a smug bunch of top knobs with their snouts in the publically-funded trough, all dressed up in fantastical garb and calling themselves "Lords" – what a load of tripe!

  11. Anonymous says:

    lol  welcome to the REAL WORLD…a world that YOU created !!

    we in Cayman have been suffering for a long time

    Just to open an account here takes a small miracle !!

    ( and sometimes your 1st born )

  12. Anonymous says:

    Ttoo many bankers now only know one thing "they have a sheet with some tick boxes and they must get all boxes ticked no matter what.  Common sense  is no longer applied.  Not only England but here in Cayman as well.  bank clerks no longer can read or  understand- they just tick, tick tick.  They could have 6 forms that has the same info in six diferent ways but if the form states they need the 7th they will hound you for it. This financial system has become a Monster and the sad thing is they just cluttering up the system with their incessant need for more forms.  All the relevant information can be on one form and there should be one international form that every bank , trust company, insurance company etd. can use. Life would be so much more pleasant if we did not have to traipse all over the place with all these damn stupid forms. At lease in the UK they have a Financial Ombudsman to complain to- who are going to complain to. Everybody just sends us the fools a little further.

  13. Anonymous says:

    Oh really?! Well good!

  14. Anonymous says:

    LOL, get over yourselves. Welcome to the real world.

  15. Anonymous says:

    Geez nowhere to put their millions…what a shame they have to abide by same rules as the riff-raff. Why don't you go cry in your grey poupon.

  16. Anonymous says:

    The FATF has guidelines for all PEPs for good reason.  Hypothetically speaking, wagering close to half a million dollars in a single 45 day period with an annual salary of only $170k would ordinarily be flagged, and trigger a reasonable source of funds enquiry.  

  17. Anonymous says:

    Results of the OEDC and FATF I guess they all thought that it would only create problems for the Cayman Islands.  You reap what you sow, Hellow!

  18. Raffaelle says:

    UuaaaaaaaH What a shame my heart goes out to them 🙂 Now they know what every single Caymanian goes throughtrying to open a little bank account to put their savings in, by regulations they and their European & US minions help put in place for tax havens. Nothing like being cut by the sword you help forge to destroy others. Tek Wood colonials Tek wood!!! Feel the heat in unnah draws seat!

  19. Anonymous says:

    Aristocrats treated like criminals? My goodness, what is the world coming to? I mean, it's not as if they and their ancesters mistreated the masses over the centuries, well at least not all of the time. We should all feel sorry for them, I guess. On the other hand they should count their lucky stars they didn't lose their headslike the lot on the continent. Cheeky beggars – go find a job!