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IFAs outraged as pension review chief gets OBE

IFAs are in uproar over the award of an OBE to FSA dir-ector of the

pension review Ronald Devlin.

FSA chairman Howard Davies has also been knighted in the honours list, a

move seen as a reward for establishingthe regulator.

But advisers believe Devlin has not served the public&#39s best interest.

Devlin joined the FSA in 1997, having previously held a senior position at


Litchfield-based IFA Independent Retirement Services co-director Roy

Fawdrey says: “The whole review was a total mess. The general public has

not been served well andwill have to pick up the costs. I cannot believe he

has gota bag of toffees for this.”

The Onion Group principal Penny O&#39Nions says: “I am speechless that Devlin

has been given this award. I believe in OBEs but I do not believe in

handing out awards willy-nilly. Devlin has wrecked the lives of the

majority for the benefit of the minority.”

Hargreaves Lansdown managing director Stephen Lansdown says: “When you

hear Devlin has been awarded an OBE you wonder who proposes them and why. I

think people who put in a lot of effort for others without any thought for

themselves should be rewarded with an OBE. Devlin hardly falls into this


Standard Life group managing director Scott Bell has been awarded a CBE.

Hermes Pensions chief executive Alistair Ross Goobey gets a CBE.


IFAP survey shows advice is not just for the wealthy

IFA Promotion has dispelled the myth that independent financial advice isonly for the well-off.Research reveals that 41 per cent of users of the IFAP hotline service arein the C1, C2, D and E social brackets.Those in the C1 group – white-collar workers – were found to be more loyalthan other users, with 84 per cent […]

CGU stakeholder plans won&#39t usethe &#39friendly&#39 tag

CGU is setting up a group and individual pre-stakeholder pension but isavoiding the phrase “stakeholder-friendly” because it fears it couldconfuse consumers.The company says its plan, called Your pension @ CGU, plan meets all theGovernment&#39s minimum requirements for stakeholder com- patibility in termsof its char-ging structure and flexible contribution levels.CGU believes the term stakeholder-friendly challenges issues […]

GPPs set to benefit from &#39restricted&#39 stakeholder

Scottish Equitable is pred-icting that difficulties over providingstakeholder plans could tip the balance in fav-our of group personalpens-ions for many employers from next April.The life office believes the restrictions and conditions surroundingstakeholder will lead to a very limited uptake among smaller andmedium-sized employers. It suggests many will opt to take the GPP routewhen planning pension […]

The whys that came in from the code

When the FSA replaces all self-regulatory organisations as sole regulatorfor the financial services industry, a single handbook of rules andguidance will replace the 14 rulebooks that currently apply.Part of the new rules is the Code of Business Sourcebook detailed in theFSA&#39s consultation paper 45. This sets out and reinforces good businesspractice for client relationships and […]


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