The only way to restore the reputation of advice, the only way to build confidence, is to call out the rogues as they are up their tricks, not months afterwards.
No more ‘mum’s the word’, time to make her proud.
The FCA has managed to do its usual stellar job of regulating the savings market.
In a series of investigations, The Sunday Times revealed a spate of cloned products and financial companies operating. And we discovered this by using Google. We justtyped in key words such as ‘best cash Isas’ and ‘pensioner bonds’ to find cloned and phoney products on sale.
It really was not that hard, unless of course you are the FCA, which has failed to do this even once.
To its credit, the regulator acts fast once alerted to suspicious activity, but like a headless chicken, needs pointing in the right direction.
But had it taken the simple step of using Google, it would have probably spotted London Capital & Finance and, you never know, may have even spotted that something odd was going on.
Presumably, the regulator’s chief executive Andrew Bailey has left the LCF scandal off his CV as he applies for the job of Bank of England governor.
He will just have to hope no one on Threadneedle Street knows how to use Google either.
Seventeen. That is how many Royal-themed press releases I received on the day baby Archie’s arrival was announced by Prince Harry.
And all but one of them was about building a future-proof nest egg.
The gem of insight they revealed to do this was: save regularly.
Yes, people really do waste their time putting out this stuff.
Of course, the one bit of missing advice that is a real game changer is: be born into wealth. Then you will not have to worry about saving ever.
James Coney is money editor of The Sunday Times