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Advisers cheer Conservative victory

Advisers have welcomed news of the Conservatives’ election victory despite mourning the loss of some Liberal Democrat ministers.

David Cameron’s party have been swept back into power today, gathering enough seats to rule without the support of the Lib Dems.

Alpha Investments and Financial Planning director Alan Solomons says the news is positive for investment markets.

He says: “You can see what has happened to the markets, they don’t like uncertainty, and they generally do better under a Conservative government, so from an investment point of view it’s fantastic news and totally unexpected.

Informed Choice founder Nick Bamford says advisers now need clarity over who will take key ministerial roles within financial services.

He says: “From a financial planning point of view we will wait to see who is going to be pensions minister, for example. Who is going to come in there and who will be the main bodies in the Treasury?

“But a majority in general is good for things like the investment markets, which like certainty.”

Plan Money director Peter Chadborn says many will also be satisfied to avoid the prospect of an SNP and Labour government.

He adds: “I’m disappointed to see the departure of people like [Lib Dem pensions minister] Steve Webb because he has been very good for the industry and I would rather have seen the coalition continue because of the influence of individuals like Steve.”

However, Wingate Financial Planning director Alistair Cunningham warns the Conservatives have also presented bad news for advisers and their customers.

“I think this is the least bad of the majority outcomes,” he says.

“I didn’t vote Conservative because of their promise to lower the annual allowance in favour of increases to inheritance tax, and I think that’s promoting inherited wealth over earned money.

“But the Conservatives present a more credible face internationally and globally, but I view a lot of the things I have seen in their manifesto as negative.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Don’t cheer too soon.

    As was quoted above : “You can see what has happened to the markets, they don’t like uncertainty”. Just wait till this lot get geared up to give the public their EU referendum.

    Well at least we didn’t get syphilis, we’re just landed with gonorrhoea.

  2. As usual, nice comments Harry.

  3. Very true Harry, that is now the next big fear, quickly followed by whatever will happen regarding Scotland as it looks like the Independence debate will likely kick in again.

  4. Julian Stevens 8th May 2015 at 4:23 pm

    Now we have a reasonable degree of political certainty for the coming five years, let us hope that one of the first things on the agenda for Garry Heath’s new trade body will be to try to persuade the government to limit the amount of FCA fines that it confiscates so that the huge levy hikes with which we seem to be being hit year after year can be at least slowed to less crippling levels. Some meaningful powers for the TSC wouldn’t go amiss either, not to mention an end to the FSCS taking on responsibility for compensating everybody and anybody for any sort of investment that fails. You have a busy time ahead of you Garry.

  5. Julian Stevens 12th May 2015 at 9:46 am

    In Bristol I didn’t see a single window poster urging passers by to vote Conservative ~ lots of Labour posters and a few for UKIP and the Greens but not a single one for the Conservatives. I had a vague idea to put one up suggesting the likely (negative) consequences of voting Labour but decided it would probably have resulted in a brick through my window and a few of my friends agreed. Draw your own conclusions.

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