In response to Damien Rylett's snipe at my assorted writings on
stakeholder matters, he obviously has not bothered to read most of what I
have been saying.
My beef is not with stakeholder's broad objectives of reducing charges and
simplifying product structures. Rather, I object to the way in which a
predetermined set of completely unrealistic parameters have been rammed
down the industry's throat with nothing more than a token “consultation” on
the part of civil servants who have no concept of the need for private
sector businesses to be profitable in order to survive.
A question for you, Mr Rylett. Do you think the business which employs you
is going to be able to operate profitably on commission levels (for
personal pensions) which are barely more than a quarter of what they were
only a year ago unless your clients are prepared to pay fees which, as many
other commentators have opined, none but higher-net-worth individuals and
companies are prepared to pay?
WDS Independent Financial Advisers,