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Editor’s comment of the week

Online comment relating to coverage of Ed Miliband’s attack on pension charges.

How much does the taxpayer pay in fees for Ed Miliband’s pension? 20 per cent? 25 per cent? Does this mean he disagrees with the NEST charging structure?

Politicians must consider what is and is not responsible behaviour before making such bold statements. They’re fully aware that people cling on to soundbites, and what Miliband wants to leave in peoples’ minds is that he is tackling the big, bad, rip-off pension industry.

There is no substance behind his statements, and in fact the only real outcome of this, other than people like me in parts of the industry getting hot under the collar, will be to ensure another swathe of people give up and don’t bother saving towards their retirement.

That is something individuals and our nation can ill afford.

Greg Kingston



Alan Lakey: FOS remains a flawed system

My last column looked at the ability of claims management companies to commit fraud assisted by utilising the free service provided by the Financial Ombudsman Service. The FOS rules, as set out by the FSA, allow a far greater breadth of investigation and determination than the court equivalent and it is appropriate to again scrutinise […]

MGM Advantage seeks £200m cash injection from sale

MGM Advantage is considering sale options, with a potential £200m price tag touted. Investment bank Evercore has been appointed to seek potential buyers for the mutual insurer, which has over £1.9bn of funds under management. Senior management, including chief executive Chris Evans, are said to be looking for a private equity firm to inject cash […]

Investec’s Eerdmans doubles euro short to guard against crisis

Investec Asset Management head of emerging market debt Peter Eerdmans has doubled the short position on the euro in his £2bn Investec Emerging Markets Local Currency Debt fund to protect it from the eurozone crisis. Eerdmans has increased the short from 2 per cent to 4 per cent since April. The euro has weakened on […]

HSBC compliance head quits

HSBC head of group compliance David Bagley is to step down from the role. Bagley was giving evidence today in a United States senate permanent subcomittee on investigations about a case history of US vulnerabilities to money laundering and terrorist financing. He said: “I recommended to the group that now is the appropriate time for […]


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