Post 'A' Day - maximum contributions?

ctdctd

Calm down,

If you two don't stop fighting, I'll put all the cash in a deposit account :eek:

Anyway, as I've already said, I want to manage my own investments and possibly mistakes. On that basis, I think I'll keep an eye on the SIPP launches - If I end up paying a similar fee to a fund in an ISA, get similar online management to a stockbroker, and get a tax credit up front then that is good enough for me!

NU (Trying to transfer a pension) and Halifax (Trying to get some forms to fill in) have shown me that traditional providers want me to pay in for 40 years and not bother them. The online revolution hasn't woken them up yet :mad:

whiteflag_3

EdInvestor wrote:

My organisation believes the financial services industry needs reform.*This should be self - evident, given the enormous number of people who have been mis-sold pensions and endowments alone. We also believe that a major part of any change for the better involves investor education, and this is where sites like these have a big role to play.

QUOTE]

Perhaps you would be good enough to let readers know how you would reform the financial services industry?

Can you also let me know why people who were missold split caps are still getting compensation even if they have not actually lost any money? Are they similar to the huge number of people that were missold pensions in the late 80s early 90s, which has now transpired to have been good advice and people who claimed for endowment misselling but are have to hold their Standard Life endowmnets to get the windfall payments?

Meanwhile heres a hoot of a thread that highlights why the advisors on this site think a little knowledge is dangerous :rotfl: :rotfl:


http://forums.moneysavingexpert.com/showthread.html?t=184867

JohnG

Hello Whiteflag,

I see the struggle continues, nothing changes.

Watching from the sidelines I still can't help feeling that you are losing the argument for IFAs with your approach.

I feel instead of attacking the likes of Edinvestor with such venom and sarcasm, as though you have a personal axe to grind, I feel it would be far better to balance the argument with clear calm sensible advice. Your approach simply puts people off I'm sure - bear in mind many of us out here are less than confident about IFA's rightly or wrongly, so hence we look on here for some reassurance on the best options to us.

Unfortunately for you and other IFAs, Edinvestor in particular, seems more in tune with those of us who are disgruntled (To put it mildly for me) with "Advice" received on previous financial purchases in the past and does appear to provide good alternative solutions.

Also, on the thread you suggested we look at for a good laugh, you are under the impression that Edinvestors hasn't made it clear that SIPPS are not risk free? I think you are mistaken on this and besides, anyone who goes down this route will be well aware of potential risk - after all it is based on investing in various funds that clearly may or may not go up or down. From my point of view at least it would give me more control and besides if it fails it would be down to me and I might feel less bitter.

This is the difference in my opinion to trusting in "Safe" "With Profit" type policies that we were told or at least intimated were risk free and now look whats happened to them!! It's now a question for me as to whether Stakeholders will meet a similar fate?

Incidently, I recently have spoken to my Mother who was advised by the Woolwich, 6 or 7 years ago, to put a large portion of her inheritance into WITH PROFIT BONDS, and I couldnt believe it, with the Royal Sun Alliance! Needless to say they have performed extremely badly and she can't take the money out without heavy penalties and she needed the money quite badly for the last two or three years. She will probably cut her losses soon, pay a penalty and take whats left of the money out. Incidently she would have been about 70 when they advised this product - seems a bit crazy when she was at a stage in her life that she might need the money sooner?

Anyway, I know this example doesn't reflect on IFAs themselves but it is another example of why people like us struggle to have confidence in people who are making a living from banks, insurances, penions etc At least that's my viewpoint.

Apologies to everyone and the OP for going off on one but it seemed like a good moment.

Cheers
John

EdInvestor

JohnG wrote:

Incidently, I recently have spoken to my Mother who was advised by the Woolwich, 6 or 7 years ago, to put a large portion of her inheritance into WITH PROFIT BONDS, and I couldnt believe it, with the Royal Sun Alliance!

Oh no. How depressing Same company as you as well

Needless to say they have performed extremely badly and she can't take the money out without heavy penalties and she needed the money quite badly for the last two or three years. She will probably cut her losses soon, pay a penalty and take whats left of the money out. Incidently she would have been about 70 when they advised this product - seems a bit crazy when she was at a stage in her life that she might need the money sooner?

She should look into the possibility of making a misselling complaint, John.

Also, she should check whether there is a date on which she can extract the money without paying a penalty MVA - usually it is the 5th or 10th anniversary of the purchase date.

Also, she can usually draw out 5% p.a from the capital without incurring any penalty, so she should do that if appropriate in the meantime.

The Ombudsman has been ruling it offside for misselling if the company had an MVA in place at the time the bond was sold. I will see if I can check that you.

But you mother could also claim for misselling on attidue to risk grounds, or on grounds as you say that she needed access to the money before any penalty free anniversary arose.

Try the search engine on the Ombo's site for WP bond cases, there are a few examples with differing grounds for complaint which might help.

https://www.financial-ombudsman.org.uk

whiteflag_3

Hi John

Ill try and give my view on things.

JohnG wrote:

Hello Whiteflag,

I see the struggle continues, nothing changes.

Where most of this thread DH and Ed have been having a battle

Watching from the sidelines I still can't help feeling that you are losing the argument for IFAs with your approach.

Fair enough, however from the PMs I get not everyone agrees with you

I feel instead of attacking the likes of Edinvestor with such venom and sarcasm, as though you have a personal axe to grind, I feel it would be far better to balance the argument with clear calm sensible advice.

Where is the venom on this thread ? If Ed is going to post that our industry needs reform isnt it fair that I should ask HOW she feels tthis could be achieved? Why is it OK for Ed to be sarcastic and not me , my hoot of a thread line was lifted from one of her posts!

Your approach simply puts people off I'm sure - bear in mind many of us out here are less than confident about IFA's rightly or wrongly, so hence we look on here for some reassurance on the best options to us.

Couldnt agree more, however I cant see why you are critical of the IFAs on this site who get a bit hot under the collar when they think some of the advice given on this site may not be in the posters interest.

Unfortunately for you and other IFAs, Edinvestor in particular, seems more in tune with those of us who are disgruntled (To put it mildly for me) with "Advice" received on previous financial purchases in the past and does appear to provide good alternative solutions.

As far as Im concerned you got pretty good advice recently but have been given alternatives on this site that you now believe are better for you. You cant blame the adviser for that!

Also, on the thread you suggested we look at for a good laugh, you are under the impression that Edinvestors hasn't made it clear that SIPPS are not risk free? I think you are mistaken on this and besides, anyone who goes down this route will be well aware of potential risk

I dont agree with this as the poster that that thought Ed was an adviser , actually posted that SIPPS were risk free. Thats the point I keep trying to make, not everyone will know that there are risks attached yet Ed doesnt always make this clear.

- after all it is based on investing in various funds that clearly may or may not go up or down. From my point of view at least it would give me more control and besides if it fails it would be down to me and I might feel less bitter.

I agree with you 100%

This is the difference in my opinion to trusting in "Safe" "With Profit" type policies that we were told or at least intimated were risk free and now look whats happened to them!! It's now a question for me as to whether Stakeholders will meet a similar fate?

We are now on another subject

Incidently, I recently have spoken to my Mother who was advised by the Woolwich, 6 or 7 years ago, to put a large portion of her inheritance into WITH PROFIT BONDS, and I couldnt believe it, with the Royal Sun Alliance! Needless to say they have performed extremely badly and she can't take the money out without heavy penalties and she needed the money quite badly for the last two or three years. She will probably cut her losses soon, pay a penalty and take whats left of the money out. Incidently she would have been about 70 when they advised this product - seems a bit crazy when she was at a stage in her life that she might need the money sooner?

Never recommended one in my life, howver I know alot of the bank ifas were pushing them five - 7years ago because they were paying 7% commission. No doubt your mother would have been made aware of this .

Anyway, I know this example doesn't reflect on IFAs themselves but it is another example of why people like us struggle to have confidence in people who are making a living from banks, insurances, penions etc At least that's my viewpoint.

So why have you got such a problem with some IFAs on here that are trying to right a the wrongs of the past. For free , with absolutley nothing to gain personally.

Apologies to everyone and the OP for going off on one but it seemed like a good moment.

Why do you only see the negatives of what IFAs say on this site


Cheers
John

The most disappointing thing about your post for me John was that you have been thanked by someone who once PMed me and thanked me for giving in their words, another poster " a good kicking" Seems we cant win .

Be nicey ,nicey and nobody takes any notice, get a bit hot under the collar and you get slagged off. Ask Ed a direct question and be called venomous and sarcastic.

As Ive said before to you John, Ive got better things to do with my time than try and help you for free.

Im away to join oceanblue
All the best

EdInvestor

Whiteflag

Perhaps you would be good enough to let readers know how you would reform the financial services industry?

All they have to do is look at the IA site, the address is in my profile.

If you had a look yourself, especially at our campaign section and the area devoted to pensions and With profits, you would see that advisors - and IFAs in particular - are hardly mentioned at all.

We do not blame advisors for what's wrong with the industry.I don't mean to be rude when I say this, but the advisors and salesmen/reps are the foot soldiers of the business.They do not run or control the big financial services firms.They do not set policy, or design products, or price them. In many ways they are manipulated just as much as their investor clients are, especially by being forced to take the rap for misselling, when it is often the product provider that is far more at fault.

The way the regulatory system is now being run has if anything made the problem worse.I probably shouldn't have laughed at that thread, as it really is a telling example of what an appalling mess the whole system is now in.And for that we have largely the FSA to blame.THe FSA is I believe trying hard to get things in order in the teeth of major opposition, but the task has resulted in a lot of extra red tape.

Apart from that there is also a quite unbelievable array of other vested interests with a toe in the pensions water particularly - ranging from politicians to bureaucrats, to trade unions to the entire business sector not to mention all the actuaries hanging around in the life cos and the pension funds ( and you will note that we have taken up their disgraceful behaviour at the highest level with some considerable success already - and there should be more to come.As the profession which controls the pension side of the industry they have set a shocking example in both governance and competence to people like yourselves.)

The challenge is how to change this industry so that everybody makes money, not just everybody except the small investor.That model just won't work any more.People have woken up.

THe OP on this thread puts it very well

NU (Trying to transfer a pension) and Halifax (Trying to get some forms to fill in) have shown me that traditional providers want me to pay in for 40 years and not bother them. The online revolution hasn't woken them up yet

Some advisors have figured this out already of course.I suspect that you may be one of them, for all your ranting.

cheerfulcat

The most disappointing thing about your post for me John was that you have been thanked by someone who once PMed me and thanked me for giving in their words, another poster " a good kicking" Seems we cant win .

Whiteflag, I did not mean to endorse any criticism of your good self; I was agreeing with John that many people have had unfortunate experiences with IFAs and are thus very wary of them.

[Deleted User]

[QUOTE=whiteflag
I think Kitties recent posts re her new Sipp demonstrate how people can be easily misled.[/QUOTE]

Excuse me!!!
My sipp is absolutely thriving and is already doing very much better than if I had kept the money in a stakeholder.

It is £5800 ahead in money terms in only 3 weeks but today is the day I would have had to pay another 1% so in all I am ahead £**,*** Take that and compound it!!!

No wonder my ex IFA was so glum when I sacked him

One IFA in particular, on this board, seems to be running scared and is making all sorts of wild statements. Not fair to the other IFAs as all are being tarred with the same brush

jem16

whiteflag wrote:

Im away to join oceanblue
All the best

Hope not - we need a balanced view.