View more on these topics

BoE’s Andy Haldane re-elected to set interest rates

Chief economist has attracted criticism for saying advisers do not understand pensions and that property beats pensions for retirement planning

Bank of England chief economist Andy Haldane, who courted controversy when he claimed advisers do not understand pensions, has been re-elected to the Bank’s Monetary Policy Committee.

Haldane has served a three-year term on the MPC, and has appointed for a further three-year term with effect from today by Bank governor Mark Carney following consultation with Chancellor Philip Hammond.

Crunching the numbers: Is Andy Haldane right?

In May 2016 Haldane admitted he could not make “the remotest sense of pensions” and added “conversations with countless experts and IFAs have confirmed for me only one thing – they have no clue either. That is a desperately poor basis for sound financial planning.”

He prompted further outcry in August by arguing that property is a better bet for retirement saving than a pension pot.

Earlier this year Haldane said economists were in crisis after failing to forecast the financial crisis and the impact of Brexit.

Recommended

Bank-of-England-BoE-Building-Horse-700x450.jpg
12

Advisers slam BoE economist’s ‘irresponsible’ comments

Claims made by the Bank of England’s chief economist that advisers do not understand pensions have been branded “extraordinary” and “irresponsible” by the industry. Advisers say the comments damage the reputation of financial services and undermine efforts to boost consumers’ confidence in the sector. Speaking at an event for think-tank New City Agenda in London […]

19

Hammond weighs in on pensions and property debate

Chancellor Philip Hammond say he wants to tackle the “structural issues” around pension saving in the UK and discourage people from the idea their wealth should be tied up in property. The Telegraph reports that in an appearance before the Treasury committee last week, Hammond suggested he would review the state of household savings and […]

Bellamy-David-2012-700x450.jpg
50

Sunday Times takes SJP to task over charges

The Sunday Times has attempted to shine a light on the charging structure of St James’s Place after readers voiced concerns that its advice charges were not transparent. The newspaper featured a story last month looking at indicative costs for advice among the largest firms. At the time SJP told The Sunday Times the newspaper […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment