Yes “I think they should. It does seem strange that these people can be giving advice to clients without being regulated.”Paul Scott, Scott Financial ConsultantsYes “They do not do a proper job and they charge extortion- ate fees which come out of the client’s compensation.” Alan Goffin, Alan Goffin Independent Financial ManagementYes “If they are not regulated, there could be a lot of daft claims.” Edwin Kelly, Edwin Kelly & CoYes “It seems hard to believe people like myself are regulated, yet people chasing the claims are not. It should be monitored as they are ripping off people with fees of 25-30 per cent and people need to appreciate what they are getting themselves into.” George McIntosh, George McIntosh Financial PlanningYes “They definitely should not get away with doing what they do.” Kay Tomlinson, Acreswood FinancialYes “They need to be regulated as they are bringing a bad name to the industry.” Fraser Colquhoun, Fraser Colquhoun IFAYes “They are appalling. The reality is that a lot of accused endowment misselling is nothing of the sort. This indus- try has sprung out of a web of misconceptions and the implications for those being accused is phenomenal.” Martin Pagett, Lynbrook Financial ManagementYes “While they are not technically giving advice, I would be surprised if there was not some type of fringe advice being given. Everyone else is being regulated, so why shouldn’t they be?” Susan Lewis, ProsperityYes “They have not got a clue what they are doing and are money-chasers. You only have to look at the press stories to understand what is going on. I have a friend in the industry who rang one of these people posing as an endowment policyholder but they said he had not been missold to but to make a claim anyway.” Gordon Peter, Medical & Executive
AWD Group is undergoing a management restructure following the resignation of chief executive Douglas Gardner and managing director Chris Isard. Both have resigned with effect from Friday, with Simon Waugh taking over as chief executive from September 1. Waugh has worked at director level for a number of financial services firms, including Centrica, American Express […]
When Odysseus sailed past the Sirens, he asked to be tied to the mast to resist their tempting song.
The Money Portal is expected to announce a new chief executive next week after former CEO Tony Morris was forced to resign last week by the Department of Trade and Industry. Morris resigned in advance of a court case brought by the DTI concerning his role as director of 11 firms, seven of which have […]
House prices rose by 0.2 per cent in July, reversing the previous month’s fall, but annual house price inflation is at its lowest for nine years, says the Nationwide house price report. Nationwide says annual house price inflation fell to 2.6 per cent in July, its lowest rate since May 1996. This compares with 4.1 […]
Dr. Andrew Lo, Founder and Chief Investment Strategist at AlphaSimplex, says the financial market has experienced the ‘Marching Band Effect’ over the past few years, with the various elements moving to left and right together and feeling the risks as one, making the effect more dynamic.
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Two company directors have been disqualified for a combined 20 years after running a fine wine investment scam that lost investors nearly £1m. An Insolvency Service investigation found that Crimson Fine Wines cold-called customers and then did not purchase or allocate wines to those who had paid for their investments. The investment scheme offered investors […]
AJ Bell has won a case against a client who wanted his platform fees for the past 14 years reduced. A client, referred to as Mr N, complained to the Pensions Ombudsman that, because he did not have enough information about what fees would be payable, he sold a property holding in his Sipp far […]