FCA ‘lacking in leadership’
Regarding your article on MPs looking into the regulator’s performance (‘MPs raise ‘serious concerns’ over FCA performance’, Mar 6). As an IFA, I’d say that the lack of transparency and the Financial Conduct Authority’s obvious failings when it comes to speed of action are just the tip of this iceberg.
Ineffective, incompetent and completely lacking in leadership and guidance... Oh, and massively expensive to operate. Apart from that, absolutely magnificent.
I wish these MPs well and hope that they do not allow themselves to be fobbed off with the usual whitewash.
Women playing catch up
I would like to make the point that women from the 1950s and 1960s are never likely to have a level playing field as far as the state pension goes.
Many of those who had children will not have had the opportunity to fulfil the number of working years required to achieve a decent pension, thus making the state pension at 60 more of a necessity for a woman, than a man.
Having and nurturing children through early life should be important to the whole community and supported, not punished by instigating further years of working to catch up on the years that most men have not had to catch up on.
This cannot be changed or shared with partners for this period in retrospect.
State pension at 60 for women in some ways allowed women with children a method of catching up with men on income at retirement.
Name and address supplied
Regarding Darren Cooke’s article in Financial Adviser dated March 5 (‘FCA eyes value for clients’ investments’). What is interesting is, in essence, the FCA has shot itself in the foot.
Pre-Retail Distribution Review, advisers could elect to have a smaller initial commission in exchange for trail commission, or many products, such as unit trusts, automatically paid trail commission, which was usually 0.5 per cent a year, but could be smaller, especially when recommending fixed interest funds.
But now it is open season. RDR has created a free for all, which has basically allowed advisers to charge an ongoing fee at whatever rate the adviser sees fit or the client will tolerate – in other words, an unintended consequence of RDR.
At least under the old commission system fees were calibrated to a great extent.
Galleon Wealth Management
Back in 2008, my husband took early retirement. I was 55 years old at the time. Before we took this step, I asked for a pension forecast and I was told I would receive my old age pension for my 60th birthday.
That was one of the main reasons we went ahead with my husband taking early retirement. Then the inevitable happened.