Appreciating Martin......!!!!

payless

Gave up on "countering" after been told I was silly to question counterparty risk on structured products 4/5 yrs ago

altocumulus

There are many other sources of information about Icesave and KE, other than on MSE, my decision to open accounts with both were based on long investigation. The issue of the compensation scheme was well researched, and not forgetting that Icesave received awards earlier in 2008....

It was my decision to save with the Icelandic banks, they at least gave a more realistic interest rate than many UK banks at the time, and my main concern was staying ahead of inflation....

It is still early days, but I do not believe any of my money is lost (except perhaps interest); just I can't spend it yet (no bad thing)....

South_Bound

Yep, at least your original investment is not going down in value (assuming you get all of it back under the compensation scheme), could be worse, money could be in property...

..always look on the bright side of life, te tum, te tum te tum te tum...

dunstonh

Funny how I read few (zero) posts from these 'experts' countering the MSE recommendations at the time they were being flagged up as best buys.

There are a number of occassions where Martin's views and opinons have been challenged or had additional information presented by others in a range of areas. Some rightfully so others not (the way some mortgage advisers act towards Martin is disgraceful at times). If you had been round more than a day or two you would know that.

If you really want to picky though, you need to remember that Martin has no liablity for what people do on his advice. Unlike those of us that do give advice professionally. I would guess the majority here have the common sense to know that if they act on comments on a website then its their own responsiblity and own fault if it goes wrong. However, what about the minority that don't have that sense?

The site promotes claiming from various companies and individuals when something goes wrong. Are those same principles applied to the site itself? (again said for discussion purposes only).

South_Bound

Have been around for several years, just not with a log on, so I consider myself well-informed.

Accountability is an interesting point. As a IFA are you accountable for the stock-related pension and mortgage products you sold in recent years that are currently causing nightmares? Am I right in thinking that the only difference between you and the information on this site is that you have a structured requirement to present all the arguments to a potential investor whereas someone reading this site can pick and choose what they read and can miss out the warnings? Overly simplistic, maybe?

dunstonh

As a IFA are you accountable for the stock-related pension and mortgage products you sold in recent years that are currently causing nightmares?

I'm an IFA, not a mortgage adviser. However, yes, I am accountable for my advice. Not sure what nightmares you are referring to.

Am I right in thinking that the only difference between you and the information on this site is that you have a structured requirement to present all the arguments to a potential investor whereas someone reading this site can pick and choose what they read and can miss out the warnings? Overly simplistic, maybe?

The requirement is to research on individual circumtances and present to that individual based on their scenario. The site is much more generic and doesnt have anywhere near the level of compliance requirements that an authorised individual would have.

This is a common debate as advisers are often critical of media articles which often gloss over points that are important to know or contain just completely inaccurate information. The media can more or less say what it likes and get away with it whether its true or not.

I will again repeat, that the comments are discussion points and I am partly playing devils advocate.

Lokolo

South_Bound wrote: »

Accountability is an interesting point. As a IFA are you accountable for the stock-related pension and mortgage products you sold in recent years that are currently causing nightmares? Am I right in thinking that the only difference between you and the information on this site is that you have a structured requirement to present all the arguments to a potential investor whereas someone reading this site can pick and choose what they read and can miss out the warnings? Overly simplistic, maybe?

He could also lie, like when I asked him for advice, I bought these funds and I lost £1000. I will never talk to dunstonh again :rotfl:

No but seriously, if I did, then I wouldn't have anyone to blame except a 'forum poster', whereas if I went to see him in rl then I could then go and hit him :A

South_Bound

Yep, no worries, understand your position.

Was referring to the people with pensions maturing in the near future tied into the stockmarket, or people with stock/shares ISA-payback vehicles for their mortgages. Anyone approaching term-end at the moment is gonna have some issues methinks

discoinferno_99

Personally I have followed the site for a few years, been registered for just shy of a year and have only had reason to post today.

My view is that this site and Martin's broader media advice is usually spot on. However what might be a best buy product for one person might not be for another. Like anything else you need to do your own advice and be comfortable with the decision you make. Those who signed up for Icesave (like my sister-in-law, influenced by MSE and myself) did so in good faith, after doing research. I stand by that decision as it was clear to us where the shortfalls were as the money was with an Icelandic bank.

At the same time, blaming Martin for a very unexpected problem is unreasonable. We all have personal accountability for where we have chosed to put our money. If someone wants to act like a sheep, don't be surprised if you end up on the dinner table.

Again just to make it clear, I truly hope that everyone gets sorted and this is resolved as swiftly as possible. Let's just not start firing shots at the wrong people.

dunstonh

whereas if I went to see him in rl then I could then go and hit him :A

Ouch.

Was referring to the people with pensions maturing in the near future tied into the stockmarket

My response to that is what are they doing in the stockmarket if they are maturing in the near future?

or people with stock/shares ISA-payback vehicles for their mortgages

That includes me and I am quite happy at this time. Cheap units. A 25 year mortgage would expect at least 5 stockmarket crashes as they occur on average every 5 years. This one is currently much less than the last one at the start of the millenium. Despite all the bad news.

As for pensions and investments close to maturity, then you shouldnt be in the market. You should be phasing out into fixed interest and cash funds. Those that use servicing advisers will find their advisers recommend they do that. Those that use transactional advisers will not. You can also do this yourself. Although there are automatic funds that can do this for the lazy.

I would say the marjority dont have servicing advisers as they used sales reps or are in legacy contracts arranged years ago before this sort of thing was thought of. However, there is no excuse for those reading now. Either do it yourself or get a servicing adviser.