Tax Exempt Savings Plans [TESPs]

patientperson

jem16 wrote: »

Seems an odd irrelevance to add although often very true. We do get people on here who sign up as someone else just to come on to "support" someone.

I am pleased to say that paptientperson is the one and only BB name that I use and till now no-one has also taken it.:j

jem16

patientperson wrote: »

my comment regarded already pensioned persons who may feel that selecting their own basket of investment is a both a chore and not necessarily suitable for them.

Often those that are retired are the ones with the time and inclination to research investment funds.

jem16

patientperson wrote: »

I am pleased to say that paptientperson is the one and only BB name that I use and till now no-one has also taken it.:j

Glad to hear that. Can't be bothered with those who hide behind an alias.

Did you miss this question?

jem16 wrote: »

Do you agree with pulling in unsuspecting people to totally unsuitable products for your own gain?

patientperson

innovate wrote: »

So why are we still discussing TESPs?

Beats me too .. I thought the thread had already run the course but still a way to go it appears.

patientperson

jem16 wrote: »

Glad to hear that. Can't be bothered with those who hide behind an alias.

Did you miss this question?

Sorry Jem16 .. Yes I did.

In principle I am against any and all mis-selling of any financial product. We can see the £billions it has cost the banks in compensation. I have also been very wary of some financial advisors who benefit more from selling one product than another. As for these Friendly Society introductions I have looked again at the links you provided.

Sheffield Mutual. 'If you’re an existing member of Sheffield Mutual, why not recommend a friend or relative to us? You could each earn a £25 Gift Voucher!'

That seems clearly stated to me and it appears no more than the likes of Scottish Friendly who will give a freebie when you sign up with their mail shots.

Kingston Unity. 'We will pay £50 to you for each successful recommendation'.

Kingston Unity is different as I suspect the £50 should be added to your income and be taxed at the appropriate rate. I have never made any referral so also have never received anything.

I feel that the discussion will roll on but it is primarily the potential new customer who must look at all the data provided and decide whether the product is suitable for them.

Or see a reputable IFA for their opinion.

patientperson

jem16 wrote: »

Often those that are retired are the ones with the time and inclination to research investment funds.

Agreed, some have time and the inclination but I suspect it is not for all pensioners.

innovate

patientperson wrote: »

I feel that the discussion will roll on but it is primarily the potential new customer who must look at all the data provided and decide whether the product is suitable for them.

Or see a reputable IFA for their opinion.

So in essence you are saying that all the onus for assessing the benefits is entirely with the person who is being lured into a Friendly Society by one of their Referrers. That means do actually agree pulling in unsuspecting people to totally unsuitable products for your own / the referrer's gain.

That's probably even more despicable than the mis-selling of financial products by large financial institutions. Most people know by now that they should be weary of banks and insurances but many people probably would part with a bit of money if they get a recommendation by a member of the public.

jem16

patientperson wrote: »

In principle I am against any and all mis-selling of any financial product.

If an IFA sold a TESP it would be classed as a missale.

I have also been very wary of some financial advisors who benefit more from selling one product than another. As for these Friendly Society introductions I have looked again at the links you provided.

Sheffield Mutual. 'If you’re an existing member of Sheffield Mutual, why not recommend a friend or relative to us? You could each earn a £25 Gift Voucher!'

That seems clearly stated to me and it appears no more than the likes of Scottish Friendly who will give a freebie when you sign up with their mail shots.

If you signed up via the mail shot, yes you would get £25 in vouchers.

However we're talking about the referrer/introducer also getting £25 in vouchers. That's the equivalent of an 8% initial commission and yet you state that you're wary of some financial advisers who benefit from selling one product more than another.

What's the difference? At least with the FA/IFA you would have consumer protection.

Kingston Unity. 'We will pay £50 to you for each successful recommendation'.

Kingston Unity is different as I suspect the £50 should be added to your income and be taxed at the appropriate rate.

Now we're on a 16% commission! I wonder how many will declare this extra income to HMRC?

I feel that the discussion will roll on but it is primarily the potential new customer who must look at all the data provided and decide whether the product is suitable for them.

Or see a reputable IFA for their opinion.

I'm disappointed to hear you say that. As innovate says, most people would accept a recommendation from a friend/member and simply sign up without reading all through the T&C.

It's high time the FCA stopped this practice of allowing unregulated members of the public to sell regulated financial products.

robatwork

innovate wrote: »

That's probably even more despicable than the mis-selling of financial products by large financial institutions. Most people know by now that they should be weary of banks

Now this is a Freudian typo!

Good job

planteria

jem16 wrote: »

And nothing at all to do with your ( now removed by MSE ) own post telling us all.

if the thread where i mentioned it was deleted, it isn't here to be read any more:idea:. i started this one so that there could be a discussion re. TESPs without the need for discussing referrals, as was clear to anyone peering from any kind of bush.

anyway...enough of all that, i'm bored stiff now....i will read what pp has had to say re. TESPs, then i'm going to the pub.