Specialist gay IFA Chris Morgan has sparked a war of words with Ivan Massow, claiming advice given to the gay community between 1990 and 2000 is now resulting in a flood of misselling complaints.Morgan, managing director of Compass, says many gay people face significant shortfalls in their mortgage endowments and pension policies as a result of this advice. The firm is offering free initial consultations to people who feel they have been missold. But Massow is accusing Compass of scaremongering in a bid to attract customers and says Morgan is overlooking the climate of the early 1990s when it was very difficult for gay clients to obtain many financial products. He says this could encourage churning and also questions why specialist gay advice is still needed. Massow says: “Clearly, it is more convenient for Chris to overlook the truth about the climate in the early 1990s and whip up hysteria. If Chris wants to scare customers into churning their policies, so be it. “I agree with him to the extent that if today’s options had been available to cli- ents in the early 1990s, we would have offered different advice – but they were not.” Morgan says his pension transfer service is fee-based and he takes no initial commission on investment bonds so he has no incentive to churn. He says: “We have never received one misselling complaint in our history. It is my belief there were alternative products that could have been sold by our competitors between 1990 and 2000. “If Ivan thinks I am involved in scare tactics, he should know, as the master of scaremongering – I remember his ads in the gay media during the 1990s.” Massow, who longer trades as an IFA, has received complaints for advising clients to take out free-standing AVCs in the 1990s so benefits could be passed on to gay partners, where this was not possible in the client’s occupational pension scheme.
House prices rose for the eleventh consecutive month at the fastest pace in four years, according to RICS’ UK housing market survey.The report revealed that 45.1 per cent more chartered surveyors reported a rise than a fall in September, up from 34.9 per cent in August. RICS estate agents reported that price are rising because […]
Friends Provident has made a substantial investment in network Home of Choice.Money Marketing understands the investment will see the life office take a minority stake in the firm, which was created last year.Friends last month announced the closure of its own mortgage network Friends Orion.
I am a great believer in improving standards and qualifications. For this to happen and for this whole area to receive the emphasis it deserves, there needs to be some leadership.
Cazenove Capital Management is to host Asset TV’s first live, interactive multi-asset web seminar for advisers. The seminar on November 15 will feature five specialist fund managers, who all run portfolios held by the Cazenove multi-manager diversity fund, discussing the outlook for their respective asset class. Advisers can register and send in questions for the […]
For a job as big as managing the auto-enrolment changes, it’s important to know what has been completed and what still lies in front of you to give you the reassurance that everything is in hand. Getting the planning and project management right at the outset can help you see the path ahead and ensure everyone knows their roles and responsibilities. To help with this, Johnson Fleming has produced a checklist outlining every step that needs to be taken when preparing for auto-enrolment.
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The High Court has ruled four people who ran a series of scam pension schemes must pay back £13.7m they took from victims. David Austin, Susan Dalton, Alan Barratt and Julian Hanson tricked hundreds of people over a two-year period to part with their savings and then squandered the money. The Pensions Regulator asked the […]
Money Marketing’s diary page brings you an account of all the curious goings-on in the world of financial services this week
Retirement Advantage has said it remains committed to the annuities market after being acquired by Canada Life last year. Retirement Advantage offers both a standalone annuity and an annuity within a drawdown wrapper. Canada Life also offers standalone annuities, so Retirement Advantage has decided to withdraw its own standalone product. This had led to confusion […]