Reading Ian Thomson's article about Pass (Money Marketing, January
23) revealed what this industry can do if it has a united mind to do
so. What a crying shame it would be if all the cooperation, pension
expertise, experience and record of success, etc, were allowed to go
to waste if Pass is wound up.
As a relatively small IFA,I have had direct contact and significant
benefit from Pass and would like to place my thanks on record to all
concerned, from the sponsors downwards.
It seems that the old adage still applies – those that can do, those
that, etc etc.
When the industry – commerce – is providing the funding, money and
time are not wasted and the job gets done. I would imagine, too, that
operating from Sheffield is also much cheaper than the more
prestigious addresses on the banks of the Thames may be? Once again,
well done Pass.
I believe that if there had been a combined and structured reaction
to such proposals as the 1 per cent charging structure a few years
ago, the industry/profession would not be in the mess in which it
currently finds itself.
Pass – as pension review advisers – have not only been recognised by
the FSA but also recommended by the FSA so is there no scope for an
ongoing and much wider role?
On a less good note, there really is some misinformation coming from
the FSA recently, including the reasons given for the PI fiasco.
Surely, if PI insurers could see that they had a fair chance of
making a profit out of IFAs' PI insurance, they would offer it. The
simple reason they do not offer it is because they are faced with
writing blank cheque after blank cheque, fuelled by FSA review after
I have an example of how a previous review has been exposed, in this
instance, an FSAVC case. While the calculation showed a small loss
and a payment was dutifully made into the in-house AVC scheme, when
it came to transferring the main fund from the FSAVC, the client
wrote to say he would much rather his funds stayed with the same
If this is not a case of opportunism instigated by the FSA, when
obviously the client was happy with the investment made and charges
levied by the FSAVC provider, what else is?
My dilemma is do I insist under the model guidance that it is
transferred or do I comply with the client's wishes. Surely an
example of damned if I do and damned if I don't.
Malcolm Lindley Baxter & Lindley Financial Services,Tring, Hertfordshire