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Berkeley Morgan chief backs Treasury over price cap rise

Product providers and IFAs should stop whingeing about Sandler products and stop worrying about lining their pockets, says Berkeley Morgan chief executive Jon Pardoe.

Writing in Money Marketing this week, Pardoe has applauded the Treasury for listening to IFAs&#39 grievances by raising the price cap by 50 per cent to 1.5 per cent and encouraging transparency in the industry.

He says the products are time-efficient and simple but is aghast at IFAs&#39 lack of enthusiasm towards stakeholder. He says: “Product providers and IFAs need to get to grips with their colossal overheads and expenses.”

Pardoe says there is a misunderstanding in the industry that there is no money to be made from selling stakeholder pensions and accuses critics of “sitting in ivory towers with fat salaries and ego-boosting expense accounts.”

Rickman Tooze chief executive Matthew Morris says: “I do not think the Treasury should have had anything to do with it. I believe in regulated companies but not regulated products.”

•Comment, p24

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