Money-laundering regulations must be met under stakeholder

IFAs and product providers are required to identify most anti-money laundering regulations on stakeholder pensions on both regular and single premium contributions, research by IFAonline has found. Following enquiries from the industry, IFAonline consulted the Financial Services Authority and trade associations to discover the identity of scheme members must be known if they regularly contribute at least £50 per month to a stakeholder (£581 per year) or pay more than £1,452 per year in single premium contributions. Guidance was issued earlier this year by the Joint Money-Laundering ...