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Adviser fined £1.3m after pension transfer failures

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Comments

  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    You might have to give us more to go on than a BBC login page if you wanted that to be a debating point. People in large amounts of net debt tend not to employ a financial adviser, as people usually don't need regulated advice to tell them how to invest their no money. (Net debt is distinct from secured debt like mortgages, where advisers often are involved, but people lending you lots of money to buy valuable assets that usually return more than you pay in interest is a good thing, so presumably not what the prof was mithering about.)
  • dunstonh
    dunstonh Posts: 120,198 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 12 August 2021 at 10:29AM
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    Are you suggesting he has criticised investment class advisers in the way they deal with people in debt?  (when it is debt counsellors that would do that role)   Or is it just you linking investment advice with debt counselling?

    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 12 August 2021 at 10:43AM
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    Is the US finance industry any better?  Why the need to post negatively about the UK when you left 30 years ago. 
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Third Anniversary Name Dropper
    edited 12 August 2021 at 10:54AM
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    I couldn’t get passed Professor’s claim that shareholder capitalism is “unethical”. And his field is financial education?  Thats like giving responsibility for teaching chemistry to an alchemist. BBC is weird.  Glad I don’t have to pay for it. 
  • bostonerimus
    bostonerimus Posts: 5,617 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    I heard Prof. Atul Shah on Radio 4 today and he has a pretty jaundiced opinion of the UK financial industry and the general way that people deal with their finances, particularly the amount of debt. His thoughts align pretty well with mine and I'm glad that I have never felt the need to employ a financial advisor. 

    https://www.bbc.co.uk/sounds/play/m000yldz
    Is the US finance industry any better?  Why the need to post negatively about the UK when you left 30 years ago. 
    I thought it was interesting and relevant. I have similar opinions about many aspects of the US financial industry. I don't really see why the fact that I left the UK 30 years ago should prevent me from commenting about the UK from my perspective. It might be different, but that might also be useful.
    “So we beat on, boats against the current, borne back ceaselessly into the past.”
  • Diplodicus
    Diplodicus Posts: 457 Forumite
    100 Posts First Anniversary
    Unwarranted pile on to bostonerimus imo, particularly if you haven't listened to the link.

    I don't expect representatives of the financial services industry to act "ethically;" they take no hipppocratic oath, after all.

    Equally, I don't buy the idea that "good" and "bad" are the two types of (I)FA (with a tiny minority of "bad" ones being responsible for all the trouble).

    If there are two types (I)FA, imo, they are the greedy and the fearful. But, being human, each is a mixture of the two, to varying degrees. If you use an (I)FA -particularly if you have to use an (I)FA - I believe the expectation that the (I)FA will act in their own interest will save the client much future disappointment. 
  • Diplodicus
    Diplodicus Posts: 457 Forumite
    100 Posts First Anniversary
    dunstonh said:
    I don't expect representatives of the financial services industry to act "ethically;" they take no hipppocratic oath, after all.
    Why would a medical oath have anything to do with financial services?    

    Equally, I don't buy the idea that "good" and "bad" are the two types of (I)FA (with a tiny minority of "bad" ones being responsible for all the trouble).
    If there are two types (I)FA, imo, they are the greedy and the fearful. But, being human, each is a mixture of the two, to varying degrees. If you use an (I)FA -particularly if you have to use an (I)FA - I believe the expectation that the (I)FA will act in their own interest will save the client much future disappointment. 
    We know you have a biased jaded view but this is just silly.    



    Everybody has a biased view. As someone posting from the pov of a financial adviser, you have a biased view, dunstonh.

    Imo, self interest is like gravity: it governs everything. 

    You realise, don't you, that Geoffrey Armin was based in Derbyshire, far away from most of the British Steel pensioners?
    You must know that most transferees were introduced to him by another financial adviser?
    You realise that the ongoing kickbacks mentioned upthread (£6,000 for every year each worker stayed with the new investment) didn't go to Armin but the (I)FA who used him as a conduit?

    I'm saying (I)FAs are neither saints nor sinners but the same as everybody else:- self interested. 



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