Wells Street Journal: HMT brings back the dodgy dossier


It is not exaggerating to say Her Majesty’s Treasury is obsessed by the financial advice industry at the moment.

Last week saw the launch of the not one, but two Government consultations with advice at the heart of them.

But it seems the bean counters working under Chancellor George Osborne in Horse Guards Road missed the memo.

HMT’s investigation into pension transfers, early exit penalties and the new advice requirements ushered in by the pension freedoms has an interesting contents page.

Worrying for a department devoted solely to the nation’s finances, chapter 3 is succeeded by chapter 5. And what is contained within the missing chapter you ask? It was, of course, the pages devoted to the rules around when advice must be taken.

Clearly the advice sector, and in particular its trade bodies, face an uphill battle to make politicians take a blind bit of notice about the concerns of the industry.