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Tory pension spokesman hits out at IFAs

Conservative Shadow Work and Pensions Secretary Philip Hammond has warned financial advisers that they have a worse reputation than anyone else in the industry.

Speaking at an ABI/CBI event on pension reform at the party conference in Bournemouth last week, Hammond said the industry’s bad repu-tation needed to be tackled to ensure successful pension reform.

He singled out advisers as having a “bigger image problem than the rest of the industry” in terms of the way they are perceived by the public.

The comments come after Treasury Economic Secretary Ed Balls hit out at the advice sector, saying it is as much a challenge to educate advisers on industry developments as it is the general public.

Hammond said: “We have to restore consumer confidence in the industry and IFAs have a bigger image problem than providers and the rest of the industry.”

He also told delegates the Government needed to do more to ensure that means-testing does not scupper personal accounts by wiping out individual contributions.

At a separate conference event, Shadow pensions minister Nigel Waterson said the Tory position on reform was “consensus with limits”.


‘Break down EU barriers’

Shadow Treasury Financial Secretary Mark Hoban called for the Government to fight the growing trend of European protectionism if the UK financial services sector is to continue to flourish. At a British Bankers’ Association and Cicero Consulting fringe event at last week’s annual conference in Bourne-mouth, Hoban said the “hostile protectionism’ of mainland Europe was […]

ScotEq reveals double tax-free cash loophole

Aegon Scottish Equitable says it has uncovered a loophole that enables people with deferred pensions to take two lots of tax-free cash. The loophole applies to policyholders who opted to take tax-free cash and defer taking the pension before July 27, 2004 but did not tell the scheme administrator or the trustee that they intended […]

This week in Politics

The stormy shores of Dorset were not the most inviting of places last week for anyone trying to wring financial services policy details out of David Cameron’s cuddly sunshine Tories.


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