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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The Government should make it easier for advisers to sell products that blend income drawdown with insurance to meet future care costs, according to former pensions minister Steve Webb. A paper published today by Royal London calls on the Government to introduce policy changes which allow new products to be created that pay for long-term […]
Independent governance committees at big-name pension providers are failing to safeguard the interests of savers and the FCA must take action, fresh research finds. In 2015, the FCA required contract-based pension providers to appoint IGCs to act as champions of savers’ interests. IGCs are required to publish annual reports to increase transparency and encourage comparison […]
The FCA is reviewing the content of its pension transfer specialist examination standard in light of recent issues with pension transfer advice, Money Marketing understands. The regulator does not offer qualifications but it does have a role in setting standards for exams and publishes “appropriate examination standards” guidance. Money Marketing understands a working group, mostly […]