Advisers are on the front of the weekend Financial Times for all the wrong reasons. The full headline is grim for the sector ‘Port Talbot workers lured to opt out of pension fund in adviser ‘feeding frenzy’. Here is the link though the story is, of course, behind the FT paywall.
A few thoughts from your reviewer - some steelworkers have been placed in plans that seem to be high charging, high risk or in one case with a fund manager that only recently set up so you would struggle to see how it manages to be on any approved list.
There has been talk on Twitter of marketing fees and introducers, which seems to be very much in contravention of all manner of regulations. However, the story does not mention enough advisers to quite add up to a feeding frenzy.
But however many people are involved, it is very bad news for the sector. The IFA trades need to get on top of this story. Citywire has made some effort but surely this should be all hands to the tiller, whatever budget editors have these days. Why they are not all over this story is rather baffling.
Anyway, it is not all bad news. Advisers are organising to go to both Port Talbot and Scunthorpe to review the advice to date.
In other news, HMRC wins a £44m film scheme battle. Richard Sharp, a member of the Bank of England’s Financial Policy Committee, has warned that too much borrowing could turn the UK into Venezuela! Not sure about the headline. It is not a Bank of England warning exactly but a warning from an independent outside adviser. Bad news for the Chancellor.
The Yardstick Agency’s Philip Bray gives his top five adviser marketing tips. Among other things include case studies on your website.
The FCA has taken action against two unauthorised firms recommending unorthodox Sipp investments including forestry. When will it end?
The Parliamentary and Health Ombudsman is working with the Independent Case Examiner to streamline the process of dealing with WASPI complaints about changes in the state pension age.
Royal London’s Steve Webb says difficult decisions on pension tax relief have been put off and the Chancellor spared the difficult choice because of a tweak to way Housing Association debt is calculated.