The pension transfer debable rumbles on. The FSCS has received 2000 complaints about pension transfers advised on by just three advice firms.
The firms concerned are Financial Page, Henderson Carter Associates and Bank House Investment Management. While these transfers concerned British Steel and were into illiquid funds which tested suitability to destruction, it still could be a warning sign of things to come.
The PFS chief executive Keith Richards is suggesting that that FSCS and the PI market should be merged – in my view effectively nationalising PI insurance. It may very well be a good idea in terms of maintaining adviser numbers. However, it would put a lot of heat on the levy and regulators very rarely give themselves extra headaches. I would also be interested in hearing how advisers view this.
Warnings about property fund suspensions continue after the M&G gating reports Money Marketing citing a Morningstar report on outflows. Interesting details on the moves by Tilney which had negotiated tranches of withdrawals with M&G.
Meanwhile Prudential has suspended trading in some of its insured funds with investments in the M&G fund. There will, no doubt, be interesting discussions across the various boards. Other funds are emphasising their cash buffers.
Former ombudsman Chris Wells sets out what makes a good suitability report.
Christopher Peel, chief investment officer at Tavistock Wealth says UK equities could plummet if Labour wins the election in an FTAdviser video.
Peter Hargreaves has donated £1m to the Conservative Party despite a previous interview in which he said Boris Johnson was a buffoon.