View more on these topics

Wells Street Journal: Iron fists and soggy gloves

If Gordon Brown ruled the Treasury with an iron fist, George Osborne seems to prefer a soggy glove.

Details of the Government’s adviser-shafting guidance guarantee were supposed to be kept secret as Westminster protocol requires announcements to be made to Parliament first.  Not that it stops ministers appearing on the idiotbox to plug pet projects at breakfast-time.

The Treasury put out a press release containing hardly any detail on Sunday with a condition that nobody was approached for interview until Monday – the day of the announcement. Shhh, don’t tell anyone, it whispered.

Yet almost four hours before the Treasury and the FCA published the details, the Government’s wrinkly worker tsar Ros Altmann sent out a press release revealing all, presumably after being briefed by Osborne or one of his chums. 

It detailed tax changes, a new requirement for DB to DC transfers to be advised and that guidance would be via a new brand. She even helpfully suggested a catchy name (National Retirement Guidance), something the Treasury has yet to manage.

WSJ’s sister title Money Marketing called the Treasury asking for confirmation that a new brand was planned. They were left slack-jawed when the response came: “Sorry, what guidance?”

Perhaps instead of the sarcastic note saying there’s no money left, Labour could have done Osborne a favour and left Gordon’s iron fist.

Recommended

Global-Currency-Forex-Money-700x450-EpSos.jpg

SFO launches criminal investigation into forex rigging

The Serious Fraud Office has launched a criminal investigation into alleged rigging of foreign exchange markets. The announcement comes after Bank of England governor Mark Carney told the Treasury select committee in March that manipulation in the unregulated foreign exchange markets could be a bigger problem than Libor rigging. An SFO statement, published yesterday, says: […]

RBS-logo-700x450.jpg

RBS posts surprise rise in profits

Profits at Royal Bank of Scotland almost doubled in the first half of 2014, but the bank is warning expected costs from conduct and litigation issues are likely to hit future results. The bank has brought forward an interim results statement this morning, and will release its full interim results next week. It states the […]

George-Osborne-direct-photo-700.jpg
24

Advisers to pay towards Budget guidance costs

Advisers will have to pay towards the costs of delivering the Government’s Budget guidance to support its flagship pension freedoms policy through an industry-wide levy. Independent pensions consultant Ros Altmann says the guarantee will be delivered by a new organisation, with the intention of creating a national brand of ‘Retirement Pension Guides’. “This could mark […]

DJane

Profile: Miton’s David Jane reveals plans for his new funds

The first time David Jane ran his own fund was during his days at Keele University while studying economics and statistics. As part of his thesis, Jane had to manage a synthetic unit trust. “It was the 80s so our growth and earnings fund did well,” says Jane. “In hindsight, the strategy was a little […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com