Quite a lot of ex-service men and women become advisers so this misselling story has caused something of a stir in the sector. Thousands of former service men and women may have been missold as Professional Adviser reports.
Between 2013 and 2015, around 3600 personnel in the British Armed Forces allegedly fell prey to “military pension mis-selling," according to law firm Keller Lenkner UK.
Of course, lawyers pursuing claims never under-egg such problems, but even secure military pensions do come with some pretty strong arguments for staying put rather than transferring as appears to have been the case here. Advisers discussing this story have pointed out that it may involve offshore or unregulated ‘advisers’ or indeed both.
I do wonder if we could have a better system with approved advisers assigned by the government to help with better advice for veterans.
Interface Financial Planning has now gone 100 per cent ethical says founder Alan Moran. A big move, but one that will clearly differentiate the practice as other advisers are set to be compelled to at least discuss sustainable investing with all their clients.
Advice firm Uniq has implemented a four day week, which it says should improve staff wellbeing and improve productivity – our third story from Professional Adviser which is having a rather good week. No doubt other advisers will be looking on with interest. We wonder if Uniq will ‘report back’ in 12 months’ time?
PA also reports that the owner of James Hay and Nucleus, Epiris is looking to sell in 2022.
The firm bought James Hay's parent company for £206m in 2018 and Nucleus for around £140m in early 2021. It’s not a PA scoop this time. London Financial News broke the story.
It would be very interesting to know the rationale for the sale - whether Epiris didn’t have the patience for replatforming and slowish asset gathering or if it simply perceives the market is bouyant and offers value now.
Of course, there has been much talk about private equity money and the adviser sector. Much of the coverage has been less than complementary with suggestions of a huge disconnect between private equity’s shortish returns appetite and advisers’ long term client relationships.
A new academic paper suggests a 147% increase in misconduct after a private equity acquisition reports Citywire. It is a claim that might interest regulators.
A private member's bill presented by Conservative MP Richard Holden will outline a roadmap for the extension of auto-enrolment after research revealed that expanding the initiative could bring a further £2.77trn into pension savings.
A related research report from think tank Onward has called for the AE lower age threshold and the earnings trigger to be abolished over a four-year period up to 2026 and suggests that this could benefit up to 7 million people in the UK. Pensions Age reports.
Meanwhile, over the Christmas break, and at the other end of people’s financial lives, former pension minister and resident expert at LCP, Steve Bee, suggests that state pension retirement age plans should be shelved for now as Pensions Expert reports.
Analysis from LCP suggests the government’s plans to raise the state pension age to 67 by 2028 and 68 by 2039 have been “blown out of the water” because expected improvements in life expectancy have largely failed to materialise.
It therefore argues the move to 67 should not come until 2051, 23 years later than currently planned, and the rise to 68 not before the mid-2060s.
Difficult to see a hard-pressed government embracing this but post-pandemic the public may well agree with Webb.
