I am writing in response to the campaign by Gina Miller for MAS to set up an indepenedent advice arm.
Gina Miller may have anecdotal experience of financial salesmen, but has she ever met a real financial adviser providing a full retirement service?
The reality is that these mythical MAS-employed IFAs would be compelled to look at all retirement options: with profit, unit-linked annuities and income withdrawal. In today’s world, they would be unable to use the title ‘independent’; they would at best be restricted whole of market (and funded by me and my clients).
There is no way MAS will go down that route – full financial advice carries full liability.
What Ms Miller fails to understand is that a large percentage of these pensioners should not be buying a standard annuity at all. They need full advice and that full holistic approach should be delivered face-to-face.
Senior financial adviser