Transfer Defined Benefit Pension & the great suitability report ripoff

NottinghamKnight

ZingPowZing said:

Malthusian said:

Please let us know when you can ring the FCA and get them to provide full advice on transferring out of a DB scheme for £3,500. Then people might have a reason to care about their opinion.

(Previous post withdrawn as I misread ZPZ's article.)

Are you saying the FCA should supply that service?
So am I.
Then, at least, you would get an impartial, honest report. 
It doesn't even have to be subsidised; if PensionWise can provide free impartial advice on DC pensions, no reason it cannot supply paid impartial advice on DB pensions.

Everyone's happy, financial advisers excepted. 

Are you saying that the FCA are in any way competent? You're in a very small minority if you do believe that.

[Deleted User]

Yes. 
I was not aware of any justification nor concerted agenda to undermine the FCA.
Until now.
But then, I'm outside the Financial Adviser Apologist circle.

NottinghamKnight

ZingPowZing said:

Yes. 
I was not aware of any justification nor concerted agenda to undermine the FCA.
Until now.
But then, I'm outside the Financial Adviser Apologist circle.

You don't appear to follow any actions of the FCA then, they are of the chocolate fireguard persuasion in protecting consumers, forget about this mythical circle you have made up.

[Deleted User]

Actually, that's not quite true; I have been aware of attacks on  the FCA  - just hadn't  realised it was a theme.
No insult intended, Nottingham Knight, but you look to be someone trying to ingratiate himself with the financial services community by parroting certain themes.
Do you have any personal critique of the way the FCA discharges its responsibilities?

HappyHarry

ZingPowZing said:

Malthusian said:

Please let us know when you can ring the FCA and get them to provide full advice on transferring out of a DB scheme for £3,500. Then people might have a reason to care about their opinion.

(Previous post withdrawn as I misread ZPZ's article.)

Are you saying the FCA should supply that service?
So am I.
Then, at least, you would get an impartial, honest report. 
It doesn't even have to be subsidised; if PensionWise can provide free impartial advice on DC pensions, no reason it cannot supply paid impartial advice on DB pensions.

Everyone's happy, financial advisers excepted. 

 Pensionwise are unable to provide any advice, on any type of pension scheme. Free, impartial or otherwise.

[Deleted User]

No, you're right HappyHarry, PensionWise provide a free DC pension service.
Sure, advice carries liability and service doesn't but, given the final determination rests with the client, should not the liability rest there also?

HappyHarry

ZingPowZing said:

No, you're right HappyHarry, PensionWise provide a free DC pension service.
Sure, advice carries liability and service doesn't but, given the final determination rests with the client, should not the liability rest there also?

That would be wonderful. If advisers no longer had to carry the liability for their advice, we could do away with expensive PI cover, FCA fees, and FSCS contributions. 

I am not entirely convinced that would be in the best interest of clients though.

NottinghamKnight

ZingPowZing said:

Actually, that's not quite true; I have been aware of attacks on  the FCA  - just hadn't  realised it was a theme.
No insult intended, Nottingham Knight, but you look to be someone trying to ingratiate himself with the financial services community by parroting certain themes.
Do you have any personal critique of the way the FCA discharges its responsibilities?

You, and you are not alone amongst a small number of posters on this site, have a 'particular' opinion, which is fine; but any questioning of it by others results in accusations of a conspiracy or evil cabal, defending advisers or the wider financial services industry, when there is just a consensus of opinion from independent people with some understanding of business and financial services.
I am not parroting any theme, I am not and never have been a financial advisor or worked directly in finance. I am a specialist engineering consultant, so have a reasonable understanding around the issues of PI insurance which forms part of the issue here. 
You have joined this site with an agenda, whereby you feel you were misled by financial advisers when the truth is you didn't understand the service that you had commissioned.
The FCA was formed because of the failings of it's predecessor, the FSA. In common with any government department or quango the ultimate sanction is to rename it, as happened with MAFF becoming DEFRA for example. In common with many regulators it is staffed by people who generally don't understand the businesses they are regulating and have a litany of failures in the few years they have been operating, best summary is the true and fair campaign list though I'm no particular fan of Gina MIller (and you may not agree with the db point that is made).
There is little point in debating these points further with you, or the small number of similar posters, as many other long term members have found out, unless you are prepared to enter into some sort of a sensible debate which appears unlikely after your postings over many months. 

[Deleted User]

NottinghamKnight said:

ZingPowZing said:

Actually, that's not quite true; I have been aware of attacks on  the FCA  - just hadn't  realised it was a theme.
No insult intended, Nottingham Knight, but you look to be someone trying to ingratiate himself with the financial services community by parroting certain themes.
Do you have any personal critique of the way the FCA discharges its responsibilities

There is little point in debating these points further with you, or the small number of similar posters, as many other long term members have found out, unless you are prepared to enter into some sort of a sensible debate which appears unlikely after your postings over many months. 

Well that's a surprising standpoint, NK, since I replied to all the points of your last post on Sunday and you offered no response.
Never too late though.

It is pretty obvious that you are not working as a financial adviser; it just occurred to me that you are trying to ingratiate yourself with those who are. And you too are not alone in that.

NottinghamKnight

Fair enough, I'll just put you ignore like so many others have, you need to move on.