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Portillo says IFAs have a duty to avert crisis

Former Tory Treasury minister Michael Portillo says IFAs have a moral obligation to help stave off a pension crisis.

He told the Positive Solutions’ annual partner forum in Birmingham last week that advisers must improve their reputation and give honest, sound advice or take part of the blame for a future generation of impoverished pensioners.

Portillo said IFAs must work to improve the savings rate. Households in Spain and Germany save twice as much as the UK and Italians three times.

He said take-up of occupational schemes has fallen from 60 to 40 per cent over the last five years and defined-benefit scheme membership has fallen from two-thirds of the workforce to just a third.

He said: “The savings and pension issue represents a colossal opportunity for IFAs to change savings habits. It is their moral obligation to do something. Otherwise, we will end up with a financially divided society and IFAs will be unable to live with themselves, knowing they could have avoided the misery of the people who saved too little.

“Turning to a good, honest, trusted adviser would help them avoid the catastrophe and they should do something to avoid British people walking into their retirements in a state of penury.”

John Loring/Orchardphotographic.comJohn Loring/


Defaqto deal for Find

Personal finance portal Find has bought Defaqto parent company The Independent Research Group in a move that has surprised the IT sector. A management buyout had been widely expected before the acquisition, which is believed to have cost Find £5m. Intelliflo chief executive Nick Eatock says: “If Find reuses Defaqto’s data in a consumer-facing channel […]

TCF tool to record complaint rates

Threesixty is offering a treating customers fairly tool to help advisers record customer complaint and persistency rates.

Keydata says criticism of its US property bond ‘missed point’

Keydata sales director Mark Owen has dismissed research by IFA AWD Chase De Vere which criticised the group’s income property bond. AWD research manager Justine Fearns said Keydata’s six-year residential bond might struggle to find suitable investments to renovate in time to establish sufficient stable revenue streams from the US residential properties it is targeting. […]

RBS picks new mortgages chief

Royal Bank of Scotland Intermediary Partners has made Caroline Marsh head of intermediary mortgages. She replaces David Jones, who has left the group. Head of business partnerships Louis Kaszczak has also quit the group, with Jayne-Anne Gadhia becoming MD for mortgages.


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