Ms Altmann herself came out on Twitter the following day to deny that she had voted in the Labour leadership election and confirm the DWP line, with our editor today stating that surely it is better to have a minister concentrating more on the subject of pensions than party politics.
4. Mixed fortunes for multi-asset.
Sister title Investment Adviser started the week with a piece on questions surrounding two of the retail market’s largest absolute return funds, the £25.8bn Standard Life Investment’s Gars and £9.5bn Newton Real Return fund, after they failed to deliver during the recent market downturn.
The vehicles both ranked among the poorest performing absolute return funds in the period between this year’s high in global markets on 10 April and the bottom reached on August 24, notwithstanding the disparate nature of portfolios in the sector.
The true diversification of such funds has been up for debate in recent years, with new funds launching all the time boasting various different ways to avoid correlation and volatility through multi-asset strategies.
Just this week, two major players launched new offerings - Prudential with a five-strong range of risk-managed funds designed to complement its existing £800m Dynamic Portfolio range - and HSBC Global Asset Management adding three new global multi-asset funds.
5. Adviser liability is a liability for the industry.
Finally, you really can’t fault the man for persistence, as the Association of Professional Financial Advisers’ director general Chris Hannant was once again telling the powers that be about the core problem for this market; liability.
Giving evidence to the work and pensions select committee as part of its inquiry into whether the pension freedoms advice and guidance system is working, he commented: “From my perspective the number one thing is the liability that attaches itself to advice.”
The trade body’s work on achieving a long-stop for client claims has been well-documented, so one wonders whether things might finally be turning a corner on the issue and the powers that be will actually act to limit your liability.