Regulation  

Read it Now: Fintech to end 'bad advice' & IFA slams Widows over transfer

Read it Now: Fintech to end 'bad advice' & IFA slams Widows over transfer

No more bad advice - ever: this was the claim made by financial technology specialist Money Concierge in Financial Adviser this week.

According to Peter Deane, chief operating officer, Money Concierge is developing a remote advice process, based on a compliance system, which has been designed so that the adviser "cannot go wrong". 

He said the programme would reduce the incidence of misselling and create clear and definite decision-making processes with the customer, which would be recorded.

Financial Adviser also reported on an adviser's battle with Scottish Widows over a pension transfer he had started to carry out before the March lockdown.

Because part of his client's pension had been invested into a Scottish Widows fund, which in turn had invested in a property fund that subsequently gated to redemptions or new investments, the adviser was told the transfer could not progress.

However, had his client wanted an annuity, the funds could have been released. 

Elsewhere in Financial Adviser, Nick Kirwan, senior policy manager for Australia's Financial Services Council, talks of how the UK has gotten advice right.

To read these articles, as well as exclusive news analysis, comment, educational features and community news, pick up a copy of this week's Financial Adviser. 

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Until next week, take care

Simoney Kyriakou, editor