Money Marketing’s front-page article on pension rebates last week vindicates what I have been saying (and writing) for years.
The only outstanding points are why has it taken so long and what is the regulator going to do about it? Indeed, why didn’t they do something years ago?
Responses to Money Marketing article on the legal risks for pension rebates
When is our industry going to stop shooting itself in the foot? When will the FSA listen to the concerns of people involved in our industry and take action?
Surely, the principle we used to use of giving “best advice” would have covered this, BA being defined as best for the client, in this case, ultimately being the scheme members. Unfortunately, in the area of corporate schemes, it is the “company” that is seen as the client. Members of the scheme just pay inflated fees and are told to be thankful their employer has set up the scheme “for their benefit”.
This goes on in almost every other industry and many businessowners understand the value of negotiation and “what’s in it for me?”