You may disagree, other opinions are available and so on. But our regulator has decided that we’re not as bad as they thought we were. As part of their ‘Consumer Duty’ initiative – the duty being to put the consumer first – the FCA carried out a review of the service being provided by advisers of all shapes and sizes, from a one-man band near you to the giants probably nowhere near you. Are their/our clients getting value for money, and in particular, being seen as often as promised for reviews of their investments and circumstances? And the result was, in 98% of cases, yes they are, and 98%, while not 100%, is a pretty comprehensive yes. The only moot point to emerge is whether, if we offer to meet to review finances, and the answer is a consistent ‘no’, whether we should stop charging, refund charges and/or say goodbye. It all depends, of course, on both expectations and relationships; and it’s on the latter count, that, once again, small can be beautiful. I’d say.
“Pensions minister: ‘we have created saving pots, but not a pension system’”
The OBR (Office of Budget Responsibility, as opposed to the OBI, often said to be housed in No.11) said this week that pensions were one of the biggest problems to be faced by this and future governments.
