Was Michael Portillo right to say IFAs have a moral obligation to help prevent a pension and savings crisis?Yes “But I think IFAs have always had that moral obligation. The problem is that anything the Government seems to put its hand to has come back to bite IFAs. We need some clarity from them before we can really take that ownership without worrying about what is going to come back on us later.” Dennis Hall, Yellowtail Financial Planning Yes “But I would suggest that he is over-egging the pudding with this remark and suggest that it is to grab headlines.” Duncan Ratley, HW Financial Services No “We have a responsibility as an industry and that has never changed but we cannot force people to plan for the future.” Andy Durban, Charles Royle & Co Yes “Morally, of course, we take responsibility but if we are not given the tool and the ground rules keep changing, it is difficult. We need a set of rules that last more than five months.” Henri Berest, Strategic Financial Solutions Yes “Every adviser has that responsibility and you would be hard pressed to find someone that did not agree with that statement.” Clive Wooley, Financial Solutions No “It is the Government’s responsibility. If they want us to deal with it, they can pay us.” David Thompson, David Thompson IFA Simon Ainscough, Apogee Financial Management Yes “I can agree with his thoughts in principle but I think moral is quite a strong word. I do feel responsible to my clients, that may be seen as a moral obligation. I think the word moral should be kept out of financial services and restricted to use in religion or politics.” Dominic Mansley, Key Financial Planning Money Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX. Letters can also be faxed on 020 7943 8097 or sent by email to: john.lappin@ centaur.co.UKadvice
The headline, 3bn review for contracting out (Money Marketing last week), must have caught the attention, if not caused clinical depression, for many in our profession. In the same week, I have celebrated with my stepson claiming 880 windfall shares in Standard Life (worth currently some 2300) awarded as a result of setting up a […]
Rowanmoor Pensions has launched the Rowanmoor Pensions Family Pension Trust.
Woolwich has set up its City Bonus mortgage for bankers, brokers, consultants and entrepreneurs who expect big bonuses this winter. It says only people who want to borrow over 500,000 need apply. The discounted tracker with an offset facility starts at 0.51 per cent below the bank’s base rate, offering an initial rate of 4.24 […]
I note that Which? claims to have visited 57 adviser firms. If these firms charged, say, just £200 each for the advice, this would have cost Which? £11,400. If Which? believes fee-based advice is best, it should put its money where its mouth is and pay these firms or shut up. Just think how expensive […]
Daniel Nicholas, Product Manager of the Harris Associates Global Concentrated Equity Fund, discusses the main challenges and issues facing global equity investors in 2016.
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]