View more on these topics

Lipsey to chair consumer panel

Former PIA director Lord Lipsey, who controversially claimed that some pension and endowment policyholders only received misselling payouts after being untruthful about their policies, is to chair the Financial Services Consumer Panel.

He will take over on June 2 from John Howard, who chaired the panel from October 2005 to March this year.

Lipsey, whose background is in journalism, financial services and regulation, has been an active member of the House of Lords. As a condition of his appointment to the panel, he is resigning the Labour whip in the Lords.

He was a PIA director and leader of the regulator’s pension review committee.

Speaking at a Social Market Foundation/Provident Financial event at last year’s Labour party conference in Bournemouth, Lipsey said: “A lot of people had been sold pensions perfectly validly and they had either forgotten what had happened or they remembered but knew it was in their interests to forget what had happened to them.”

As a result of his comments, head of the Financial Ombudsman Service review Lord Hunt said he would be writing to Lipsey to ask him to provide evidence to the FOS review.

Speaking about his appointment, Lipsey says: “I am delighted to be taking on this role at a crucial time for the financial services industry.

“I hope to raise the profile of the panel a notch or two, so it can be even more effective in future in advancing the consumer interest.”

Informed Choice director Martin Bamford says: “He has been controversial in the past. It does not hurt to throw a little bit of that in the mix to wake people up.”


Pot luck

It has to be good for consumers that the FSA is finally getting its teeth into the annuity market. The regulator’s leaked report into the open market option has used empirical evidence to show what many of us have suspected for years – that life insurers are profiting through an annuity purchase process based on consumer apathy fostered through complexity and poor practice.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm