James Coney  

Taking ownership of your pension savings

James Coney

James Coney

These highly-educated individuals with secure jobs and even more secure pensions had no concept of the behaviour of ordinary people.

The lesson is that if someone else is picking up the risk for you, then you just do not need to worry about it. And in that context, we are never going to get all those millions in auto-enrolled pensions to do the same thing.

Not unless someone forces them to take ownership of the gift they have been given.

Regulatory crisis

The chances of Andrew Bailey filling the big job at the Bank of England when Mark Carney goes are receding every day.

The London Capital and Finance scandal looks like it may have undone any hopes the current FCA chief executive had of getting his hands on the governorship.

LCF has turned from the collapse of a slightly opaque mini-bond, into a full-blown regulatory crisis.

It is frankly not good enough for Mr Bailey to protest, as he has done, that he knew nothing of the regulatory processes that authorised LCF before he took over the job.

If you are in the hot seat you need to act and have answers.

And besides, there were plenty of chances for the FCA to go over the LCF accounts after it was regulated when Mr Bailey was in charge. Opportunities to save the fortunes of savers were missed and missed again.

As well as a criminal and independent inquiry in to LCF, it now looks as if a private case is going to be made to hold accountants and other advisers in the scheme responsible.

This scandal has a long way to run yet, and some big scalps may be claimed along the way.

Ancient processes

I was off for Easter and one of my many jobs was shuffling the family paperwork – or doing dad-min as we call it.

Part of it was going through all the kids’ savings to ensure they were invested in the right place.

I discovered £250 languishing in a child account with Virgin Money. To switch this money out everything had to be done in paper, including sending signatures as a trustee in order to get a cheque sent.

So much for the digital revolution.

James Coney is money editor of the Sunday Times