The Oliver Wyman report commissioned by the ABI is now informing the world of the facts that the world already knew. It is very welcome nevertheless.
A huge number of people have already been disenfran-chised from financial advice that was perfectly adequate for their own and their families' financial needs.
Home-service agents have disappeared. Rafts of advisers who were quite competent to deal with basic life insurance and savings have been forced out of business or simply encouraged to take up other occupations. The Wyman report is too late.
The infrastructure of what was has been destroyed and, no matter how hard you try, rebuilding it will just be too expensive and take too long to do any good.
All that has been found in this latest survey was found in the deliberations of the Miboc and Rolac reports of years ago.
It seems that whether it is foot and mouth, Railtrack, life insurance or anything else, the only people who make any money out of the misery that is caused by mischief-makers are lawyers and consultants. What a sad world we live in, when trust and mutual understanding have to be supplanted by academic hogwash – which is ultimately ignored in any event.
But bravo to the ABI and to Oliver Wyman. It just needs Ron Sandler, Howard Davies and the Treasury perhaps to accept the facts for what they are, instead of trying to create the ideology of what they would like it to be (and of course to safeguard their own jobs).