self emplyed pensions options?

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
104 replies 5.3K views
15681011

Replies

  • EdInvestorEdInvestor
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    I don't think there's a problem here at all.Martin recommends specific products all the time and makes it clear it's his independent journalistic judgment he's using. It's not financial products that are regulated, it's financial advice.

    This site is part of the media and we are effectively acting as journalists here.We are not regulated and we are not offering "financial advice", which is offered only by financial advisers in specific circumstances,involving either the sale of a product or money changing hands for the advice - not info and comment broadcast to the world on a website bulletin board .

    The newspapers mention and analyse specific products all the time,just as this site and many other similar sites do, it's perfectly legal. There is no need for anyone to get worried about the financial information - which is all it is - on this site.
    Trying to keep it simple...;)
  • PalPal Forumite
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    No, you are completely and utterly wrong. The Financial Services regulations govern (among other things) advice provided on regulated products, whether the individual providing the advice benefits from the advice provided or not. Only those registered with the FSA can provide advice on regulated products.

    Stating facts is fine: "XYZ company stakeholder has a 1% management charge"

    Providing advice is not: "XYZ Company provides the best Maxi-Isa"

    You can say anything you like about unregulated products. "The civil service pension scheme is great and anyone who can join it should do so." Whether anyone is daft enough to believe it is their lookout.

    Journalists are not exempt from the FSA advice requirements! NEWSPAPERS are exempt provided that is not the primary purpose of the newspaper, and I assume that this covers this site (I will check this). However the T&Cs of the chat forums state that an individuals posters retain their copyright and is their opinion and not the opinion of the site. As a result posters are NOT be protected by this site's exemption.

    While I look forward to seeing you one day defending yourself against the FSA's barristers by claiming that you are a journalist, this site has no intention of joining you in court.

    As I said before, recommendations that a specific regulated product is "the best" either for everyone or for an individual will be deleted whenever I spot them. Any other posts that appear to be recommending specific products where I consider that there is a risk of regulated advice being provided will be deleted, whether I am correct in my interpretation or not. This site is not willing to take the risk of getting it wrong.

    However I would also be very grateful if people could PM me or the moderators where they see anything that might be considered dodgy so that I can look at it. While I try to read every thread on this board I sometimes do not get time so would be grateful for any help that other visitors can provide.

    If people want to read (or post) lots of misguided, ill-informed, inappropriate recommendations on specific financial products then they should visit the Motley Fool forums, where they will feel right at home.
  • Paul_HerringPaul_Herring Forumite
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    Pal wrote:
    Stating facts is fine: "XYZ company stakeholder has a 1% management charge"

    Providing advice is not: "XYZ Company provides the best Maxi-Isa"

    [...]

    If people want to read (or post) lots of misguided, ill-informed, inappropriate recommendations on specific financial products then they should visit the Motley Fool forums, where they will feel right at home.
    Was that a fact or advice? :D
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • EdInvestorEdInvestor
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    Pal

    Whatever floats your boat, mate :beer:
    Trying to keep it simple...;)
  • PalPal Forumite
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    Was that a fact or advice? :D

    Yes. Feel free to report me to the FSA.
  • dunstonhdunstonh Forumite
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    Pals intrepretation matches our findings when I was involved with a compliance review of internet/newsgroup postings by insurance company employees.

    Remember, all it takes is one individual to copy and paste a thread to the FSA.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MSE_MartinMSE_Martin MoneySaving Expert
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    To be honest this is a confused area. I've had legal advice on the site myself, and there are still grey issues. So let me explain how i'd prefer it to work.

    Specific pension product recommendations should be avoided, those are investment based products and matters of opinion. I try and keep this site away from that and more factually based stuff.

    Thus i can say X is the best paying saving account (instant access) right now with a 100% certainty. Yet i can't do so on risk based products.

    While i know many people would like that - neither I nor anyone else know the future, and this site's focus isn't investment. So whether or not its right (and i suspect it is) I think Pals interpretation above is the one we should try and aim for

    martin
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • dunstonhdunstonh Forumite
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    half the problem is that the FSA do not set rules, they set guidelines. That leaves much of it open to interpretation. The only time you tend to know something specifically is when the FSA fine you ;)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • EdInvestorEdInvestor
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    MSE_Martin wrote:
    Specific pension product recommendations should be avoided, those are investment based products and matters of opinion. I try and keep this site away from that and more factually based stuff.

    I see no problem with that at all :)

    BTW Martin,as far as I know there's only been one regulatory case involving a financial website and the FSA over the past five years.That was the fairly recent one where a poster on ADVFN was fined for ramping a share based on insider information he had. Note the poster was fined, not the site. ;):)

    Abuse seems to be rare - and perhaps more importantly, to be seen to be rare by the regulator.

    Quite rightly, websites like this one are seen as part of the much-needed consumer financial education drive, which everyone in the Government, regulator and industry knows is essential and needs to be supported. For that reason alone, it's pretty unlikely that a site like this would get into trouble "by accident", so to speak.

    It's not, after all,a commercial operation.
    Trying to keep it simple...;)
  • EdInvestorEdInvestor
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    MSE_Martin wrote:
    Thus I can say X is the best paying saving account (instant access) right now with a 100% certainty. Yet i can't do so on risk based products.
    martin


    Since we're on the subject of risk, I wonder whether Moneysavers might like some help on which products are risky and which aren't - and perhaps also in due course on ways to manage and reduce risk?

    For instance it's very apparent that many people who were sold endowment mortgages had no idea their money would be invested in the stockmarket.By the same token, people have this idea in their minds that a pension is "safe" - that if they put their money in faithfully every month for 30 years, then out the other end will come an adequate retirement income.

    But the vast majority of pensions are also invested in the stockmarket and they are no longer guaranteed.There's no avoiding risk really, the returns on risk-free savings are just not high enough. The trick IMHO is to learn how to recognise the risks and then minimise them.

    It's not an urgent matter but perhaps something Martin and site Mods might like to consider if there is any demand. :)
    Trying to keep it simple...;)
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