The FCA is removing obstacles to selling retirement interest-only mortgages. It sees them as a possible solution to those struggling to roll over interest only mortgages – some of which were linked to endowment policies.
There may have been better solutions a decade or two previously but perhaps it is a case of needs must.
Investment Quorum’s managing director Lee Robertson argues that fund managers need to learn lessons about their behaviour from advisers.
That opinion might not go down too well in some parts of the City. If there’s blame being doled out, it’s usually aimed at advisers.
On cue, in steps Candid Money’s Justin Modray to suggest that advisers earn too much at least on really big portfolios. Interestingly on social media, some IFAs seemed to agree though mostly those who would advocate a move to fees.
Peter Hargreaves, who has recently backed a new fund launch, hits out at the regulations surrounding new fund launches. I suspect he has a point – but haven’t past fiascos such as Arch Cru queered the pitch for everyone?
FOS is hiring an independent reviewer following the recent Dispatches documentary which showed a lack of training and low morale at the organisation.
Yet the FOS chief Caroline Wayman says she is unlikely to reopen past cases.
Billy Burrows discusses a cold call he received from a claims chaser who suggested that if he had been put in a Sipp by his adviser that he was very likely in a fund that was higher risk than it should be. Nasty!
The Lib Dems have called on the Government to delay the mortgage benefits cut.
An alarming finding from the Competition and Markets Authority about investment consultants if you are an investment consultant – there is no evidence their selections add to investment performance.
The director of supervision at the FCA Megan Butler has called for more diversity in financial services suggesting they might make more money in doing so. She also cites a comment from a banker undergoing a supervision visit who called the superviser 'a little lady.'
