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‘Govt wrong to pose as moral custodian’

The Government has a “moral log” in its eye over long-term savings, claims Conservative MP John Redwood.

He says the Government claims to be the moral custodian for helping people to invest for the long term but, by promoting premium bonds and the National Lottery, it is encouraging the public to be reckless with their money and its policies are responsible for the savings gap.

Speaking at a Round Table meeting with the IFA Defence Union, former investment manager Redwood said there is not enough practical financial services understanding and experience in the Government, which has affected its ability to come up with fresh ideas. He said a combination of regulation and Government interference in the tax system are the main reasons why pension funds are in their current state.

He said the Government should have made more use of its corporate power over the FSA to review its budgets and the thrust of regulation since its inception as ministers are ultimately responsible.

Redwood said: “For this Government to be posing as the custodian of wise choices for people is wrong when it is actively promoting the National Lottery, which is the sur- est way to lose your savings, and is actively promoting premium bonds which have produced a pretty low yield compared with many other products you could offer those savers.”


GMAC claims first with instant mortgage offer

GMAC-RFC claims to be the first UK mortgage lender to provide an instant offer.The lender has launched its system, called POSO, to the broker and packager market and the first beneficiaries of it were John Charcol and Praxis, whose clients received binding mortgage offers within minutes of applying at 8.40am this morning.John Charcol senior technical […]

On the level

Recent comments suggest that some people think commission is not a real issue. However, what of the companies which, as deliberate strategy, set out to build market share through raising commission levels, provoking a round of me-too actions by their competitors.

Quay appoints new product manager

Quay Software Solutions has appointed Sally Purcell as product manager.She will be based at the HQ in Bichop’s Stortford and will report to business operations manager Richard Hill. Her role will involve the management of product development, as well as enhancing client service levels. Purcell worked at 1st Software from 1999 until 2005, working initially […]

Split decision

What was the background to the Charman case and the judgment?

US election

Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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