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Ex-FSA chief Lord Turner calls for 0.5% pensions charge cap

Former FSA chairman Lord Adair Turner is calling for pension charges to be capped at 0.5 per cent and says the Government needs to commit to a firm timetable to implement the cap.

The Department for Work and Pensions has proposed three possible caps on auto-enrolment charges – 0.75 per cent, 1 per cent or a two-tier “comply or explain” model.

Pensions minister Steve Webb confirmed last month the charge cap would not be implemented until April 2015 at the earliest. There are concerns the plans have been shelved until after the May 2015 general election because the reform is “too complicated”.

Labour is proposing a 0.75 per cent cap with a 0.5 per cent cap imposed as part of quality standards on certain stranded pots.

Speaking during the Pensions Bill report stage in the House of Lords yesterday, Lord Turner, who chaired the Pensions Commission, said the current cap proposals are too high.

He said: “I strongly believe we should make a clear commitment, by a clear date, to get on with this and have a charge cap in place, and that 0.5 per cent is the appropriate figure.”

DWP minister Lord Freud said the Government had given a “strong steer” the cap would be in place by 2015.

He said: “The pensions minister has been clear we are committed to seeing the charge cap through during the life of this Parliament which means before May 2015.”

Last week, the Government said it would force fund managers to publish transaction costs but former chancellor Lord Nigel Lawson called for more action on transparency.

Speaking at the debate, Lord Lawson said: “It is not adequate; it has to be all costs. There are, for example, investment managers’ fees, performance fees and custody fees, all of which are not transaction costs.

“Indeed, the Investment Management Association has stated that it does not classify equity commissions as transaction costs. Therefore, clearly the limitation to transaction costs is an invitation to abuse. All costs that are incurred have to be included.”

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There are 8 comments at the moment, we would love to hear your opinion too.

  1. There does appear to be a lot of focus on charges with the RDR when the reality is that the reason that clients are getting poorer value for money these days is the regulatory costs which are huge for us all!

  2. He is showing his lack of knowledge

  3. The outcome of the race to the bottom for the charges will be the withdrawal of pension providers from this market. We will then be left with schemes which focus on administration and processes, and in order to comply with the cap fund choices will be limited to index trackers and the like. L & G and Lord Turner and Which? have stated their populist opinions, yet none of them seems to appreciate that charges, whilst important, can be TOO low. If a business is required by law to restrict charges, then in order to build in a profit they will have to design products and processes which are process driven and take little regard of customer needs and demands. Competition is already happening, there is no need to regulate in this way.

  4. Although famed as a smart fellow he is clearly another of these cheap is good converts who sees the trees but missed the bloody great branch careening towards his coiffured head

  5. That man is a twerp, he has been twerping for far too long now, time he retired.

  6. Hey Alan, just because we are folically challenged doesn’t mean we should be beastly to those with a bouffant.

  7. He wasn’t the FSA’s chief. All he was was a lavishly overpaid apologist for the FSA’s litany of failures. His suggestions about capping charges to a commercially unrealistic 0.5% p.a. are just more of his usual hogwash.

  8. Sods —– Law.
    March.—- 2014.

    For almost two decades we have strived to get justice for the injustice we have suffered at the hands of a world renowned bank— PICTET & CIE. BANK.

    Two yorkshiremen both running their own small family businesses trying to resolve the problem by taking all the correct legal procedures to recover their monies.

    The matter was raised in Parliament – twice– the FSA investigated the matter concluding that PICTET had rogues operating in their London Bank — but the rogues had left —saying no one left to prosecute.??? —– so there.

    We then approached the Financial Ombudsman Service. (FOS) — our case was dealt with by seven different people —- then our numerous E-Mails were ignored — nobody would speak to us ——-so there.

    We then asked the SFO ( Serious Fraud Office.) to investigate our case —- the criteria of our case ticked all their boxes. — we were instructed not to send them any documents/evidence.—— in fact they wrote to us advising us to go to the Citizen’s Advice Bureau.(CAB.)

    Richard Alderman the SFO boss —- who responded to our letter was the same man who would not investigate the “ Madoff” scandal or the “Libor” fiasco.
    The MP’s committee —- said he was sloppy— and the SFO was run like “ Fred Karno’s Circus” —– it was an office of fraud.—– so there.

    Our M.P. approached our local Chief Constable to investigate—– he was called—- Sir Norman Bettison— Chief Constable of West Yorkshire Police —- a force that made “ Dad’s Army” look like the S.A.S. They were inept – corrupt —malicious — from top to bottom. We were criminally dealt with by the Forces Solicitor—- the Head of the Economic Crime Unit —-and the Chief Constable —– so there.

    We were then advised to pass our complaint against West Yorkshire Police to the I.P.C.C. – which we did — they advised us to make our complaint to —- the West Yorkshire Police — we did with reluctance — all we got was abuse and obfuscation. —– so there.

    Sir Norman Bettison —- The Forces solicitor— and the Head of the Economic Crime —- have all been removed from their posts and facing criminal allegations.
    —— so there.

    We even sought justice through the Courts — culminating in a visit to the Court of Appeal-London.— On leaving the Courts of Appeal that day our barrister a “rising star” informed us — that if that was Justice then you can keep it. He quit the law and moved to Canada —– so there.

    A few years later we learned that one of the judges in our case at the Court of Appeal was related to a senior executive of the Pictet Bank —–so there.

    Pictet & Cie .Bank — voted private bank of the year 2013.
    Ivan Pictet —- Voted banker of the year 2012. —- the senior partner — lied on numerous occasions and had documents destroyed — also said genuine documents were forgeries. —– so there.

    Ivan Pictet in Oct. 2013 —- Given the Legion of Honour — but saying that —- honours were given to Hitler — Eichmann — Mussolini —Franco — he’s in fitting company. —-so there.

    MONTY RAPHAEL.Q.C. — Peters & Peters.London. They were the banks lawyers.
    Monty Raphael.Q.C. along with Ivan Pictet withheld crucial documents requested by the High Court —- the FSA —- and the police Fraud Squad. —-so there.

    Monty Raphael.Q.C. became an Honorary Queens Counsellor in March. 2012.
    Monty Raphael.Q.C. became a Master of the Bench in Nov.2012.
    An expert in Fraud —the Doyen of Fraud Lawyers. —– so there.

    This says a lot about Banks — the consensus of opinion is that they are highly paid “crooks” —- no wonder they voted Ivan Pictet banker of the year.

    It appears that crimes in the “establishment.” are honoured by their peers.
    “HONOURS AMONG THIEVES.”

    Full Story.—- “google or Yahoo”

    Insert.

    Ivan Pictet.Banker.
    Monty Raphael.Q.C.
    Ivan Pictet/Monty Raphael.

    Update — March. 2014.

    Pictet & Cie Bank —- List of Crimes.

    1996 —– F.S.A— Breach in London.

    2003 —– F.S.A. — States rogues operating in Pictet’s London office. Ivan Pictet states that documents were forgeries but were later proved to be genuine in the British Courts. He had documents destroyed in their London office –hoping to hide the crimes.

    2007 .- – – The Securities and Exchange Surveillance issued a recommendation that the Prime Minister and The Commissioner of the FSA to take disciplinary action against Pictet Asset Management – Japan Ltd.

    2008 .– Dec. – Pictet Bank state – ” We have never chosen any funds linked to Madoff.

    2011 – – – Madoff Trustees sue Pictet & Cie. Bank for $156 Million.

    2011- – – Pictet & Cie Bank abetted a Bribery Scheme – Oil company sues Pictet for $350Million

    2012 – – – April – Geneva Bank Pictet used in Offshore Tax Scheme. ( USA.)

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank in order to collect large fees. ( Like MADOFF)
    Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in Panama and a tax loophole involving investments in London to gain German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    2013 — Jan.— Swiss MP’ table motion to freeze Tiab Mahmud’s assets of ” criminal origins”
    held in Swiss banks – $18 million held in 5 accounts at Pictet & Cie. Bank. Bahamas.

    Ironically the Pictet & Cie.Bank partners are bigger criminals than the criminals who have accounts in the their bank.

    The bank is now seeking to re-structure — to cut the partners liability – hoping to off load their decades of criminal responsibilty – and move onwards to carry out new crimes. The Germans are right — the bankers should go to prison if found guilty of financial crimes..

    Both Ivan Pictet and Monty Raphael.Q.C. conspired to withhold crucial documents requested by the High Court – the FSA — and the Police Fraud Squad.

    Written Parliamentary Questions received by the table office ..

    (1) To ask the secretary of state what steps he is taking to ensure that Swiss Banks such as Pictet & Cie do not evade criminal prosecution under EU law even when the illegal act is committed by a London based subsidiary.

    (2)To ask the secretary of state what steps he is taking to protect the rights of UK citizens who seek redress following criminal activities by Swiss banks with subsidiary offices located in London.

    Quote. ( America’s Top Lawyer .)
    You can be the richest man in the world with the best lawyers that money can buy but you cannot win against a man who has got nothing left to lose and is telling the truth.

    *** We note that there has been a sharp increase in Peters & Peters partners leaving to go to other practices. Moving does not alleviate them of any responsibility from any illegalities that may have occurred at Peters & Peters during their partnership tenure. From 1999 onwards.

    The consensus of opinion is the Pictet & Cie should be prosecuted , and that their U.K. banking licence should be taken away.

    Their Solicitors at Peters & Peters .London “ struck off and prosecuted..”

    *** Started campaign — June 6th.2008.
    5years —- approx 10 .5 million e-mails – – – but still no writs, injunctions or threats of litigation – – – WHY – – – because it is all true.

    *** . The bigger they are — the harder they fall.!!! In America —- they would have all been in prison for the last seven years.

    Feb 2013,— Pictet & Cie Bank Partners remove their unlimited liability.They realise that all their personal wealth is at risk , the people they have conned might want their money back.

    Full Story.***
    . ” Google ” or ” Yahoo” .

    Insert– ( Charles Pictet. Banker.
    Insert– ( Ivan Pictet.Banker.
    Insert– ( Jacques de Saussure.Banker.
    Insert– ( Nicolas Pictet. Banker.
    Insert– ( Jean-Francois Demole.Banker.
    Insert — ( Philippe Bertherat. Banker.
    Insert– ( Renaud de Planta. Banker.

    Update. March. 2014.
    Over the last three years we posted the following on hundreds of sites . —

    *** Were currently waiting for the West Yorkshire Police ;-
    (1) Chief Constable . Sir Norman Bettison
    (2) Forces Solicitor. Mike Percival.
    (3) Head of Economic Crime Unit. Det Chief Inspector. Steven Taylor.
    -to see if they continue to cover up this case like the FSA. – “ watch this space.”

    **** We can now state that all the above have been removed from their posts. All three facing criminal allegations.
    **** These three senior police officials assisted in covering up the crimes carried out by Pictet & Cie Bank and it’s lawyers.

    Swiss Bank Accounts. 2014.

    Is your monies safe in these accounts —- definitely NOT.
    Would you get your money back if every body decided to withdraw all their accounts – NO WAY.
    Economic Experts say that there would only enough money to repay 50% of their clients.
    Are you going to be in the 50% — that loose your money.– Get it out NOW.

    2012 — – June. — Published in Anglo INFO .Geneva.— USA Trust Fund Investors were sent false and fraudulent documents by Pictet Bank.Switzerland. in order to collect large fees. ( Like MADOFF) —Even after the SEC in the USA uncovered the fraud Pictet continued to charge fees and drain whatever was left in these accounts. Estimated that $90,000,000 million lost in this Pictet Ponzi scheme.

    2012 – – – July. — De – Spiegel. — states – Pictet Bank uses a letterbox company in
    Panama and a tax loophole involving investments in London to gain
    German millionaires as clients.

    2012 – – – August —- German Opposition Leader accuses Swiss Banks of “organised crime.”

    All the fines that crooked Swiss banks have incurred in the last few years exceeds £75.Billion.
    It is also calculated that the secrecy ” agreements” with regards to tax evation by their clients will cost the banks another £450 Billion.( paid out of your monies.)

    The banks are panicking — the are quickly restructuring their banks —- from partnerships —
    to ” LIMITED COMPANIES.” —– this will probably mean that in the future — they could
    pay you only 10% of your monies ” if you are one of the lucky ones” —- and it be legal.

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