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Wells Street Journal: Tony Hobman rides again

From reading our sister title Money Marketing, the WSJ is under no illusions about advisers’ feelings towards the Money Advice Service.

And while it is still far from perfect, things were apparently much worse under the terrible twosome who used to (apparently) run it: former chairman Gerard Lemos and former chief executive Tony Hobman.

Seemingly pleased with his disastrous tenure at the helm of the not-so-good-ship MAS – for which he was paid twice what the PM earns – Tony “because I’m worth it” Hobman has decided he has some advice for pension schemes.

Now chair of the advisory board (or should that be guidance board?) at Lincoln International Pensions Advisory, Hobman says the new “independent advice” for all in retirement means DC schemes need to deliver “accessible, clear and engaging messages” to members.

Ah, Tony! If casually referring to guidance as “advice” is good enough for George Osborne, why shouldn’t you get in on the act too? Well, perhaps because it’s not the first time: back in 2011, the Advertising Standards Authority investigated MAS’s “free, independent, unbiased advice” ad over claims it was misleading.

With two Parliamentary committees issuing damning indictments of his time and salary at MAS, WSJ reckons Hobman has been sent a pretty clear message, but for some reason he just does not want to listen.



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Providers face challenge in post-Budget default options

Following Chancellor George Osborne’s radical reforms of the pensions system, DC pension scheme providers face a dilemma over how to structure schemes to suit a broad range of retirement outcomes. As Osborne proudly proclaimed in a bruising Budget for the insurance sector, “no-one will have to buy an annuity”. He was referring to the new […]


Canada Life plans individual protection launch

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Lloyds sets aside £225m for investment and protection advice

Lloyds Banking Group has set aside £225m for “legacy sales” of investment and protection products and sales incentive schemes. The bank’s interim results for the first half of 2014, published today, show it has set aside an additional £225m for liabilities in this area, taking total provisions to £525m. Lloyds says the provision relates to […]

When will US rates rise?

By Felix Wintle, Investment Director & Head of US Equities The most recent communication from Federal Reserve chair Janet Yellen has put the market’s sights on September as the most likely month for the first rate rise. This is due to the stronger than expected economic data of late, particularly in employment and housing, which […]


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