View more on these topics

Politicians to blame for misselling, says Pickering

Politicians and civil servants must shoulder some of the blame for pension misselling as they created the environment that allowed it to happen, according to pension review chief Alan Pickering.

Speaking at the Chartered Insurance Institute annual conference in Birmingham last week, Pickering said that by not allowing concurrency during the years when pension misselling occurred, the Government effectively fostered a situation where unscrupulous selling took place.

Pickering said it is not fair that the financial service ind-ustry has had to accept the total blame for the £15bn scandal and that the Government must admit the role it played.

He said it was politicians and civil servants that created personal pensions, embarked on massive ad campaigns to promote them and then would not allow savers to contribute to both an occupational and personal schemes simultaneously.

This was one of the primary causes of misselling, he said. If concurrency in some form had been allowed, Pickering said the amount of so-called misselling would have been much less severe. He said: “If concurrency had been granted long ago, the problems would not have occurred. Politicians and civil servants created the environment where misselling took place.

“They artificially engineered competition between workplace and personal pensions.”

Scottish Life head of communications Alasdair Buch-anan says: “I agree totally with Alan Pickering in terms of analysis of what happened but I do not think there is anything to be gained by spreading the blame around at this stage.”


HBOS investment operation launches today

Insight Investment, the asset manager of HBOS, has today launched a new retail investment operation offering nine new funds and 14 revamped funds.Insight&#39s investment offerings fall into three main groups – Foundation, Classic and Professional. Foundation funds are designed for new investors or for those who want a low cost, CAT standard ISA. The Classic […]

Supermarket forces

There can be no questioning the fact that fund supermarkets have had a dramatic impact on the personal investment market in the past couple of years.Virtually unheard of in the UK three years ago, recent research carried out by Cofunds suggests that 94 per cent of IFAs use these organisations for some of their investment […]

Merrill Lynch to Give choices on structured plans

Merrill Lynch Investment Managers is aiming to introduce two new structured products by the end of the year.Its stepped growth fund and income II fund, which will be listed on the Dublin Stock Exchange, will be the latest in a series of transparent and flexible structured products from MLIM.The funds will be made up of […]


Not the sort of help we need

The article in the September 12 edition of Money Marketing suggests help is on the way from the FSA.While welcome, with respect, they are one of the main reasons we are now in this mess.Our PI brokers say the RU Owed envelopes inviting claims have played a major part in the phenomenal rise in PI […]

European Opportunities: 'It’s nice when stock selection results in a macro tailwind'

Amid significant macro headwinds in August, Mark Page explains why his fund’s focus on stock selection has helped it outperform a falling market in August. BESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswyBESbswy


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