Monday, September 17, 2007

Government to start three month financial advice trial

Oh how I laughed when I read this little gem. Apparently the Government is funding a three-month trial in the North West of England so that people can obtain sound financial advice.

But remember boys and girls, making note of the high debt-based society we have now, or noting the failure of Government to encourage financial awareness is nothing more than political opportunism, unless its the Government that is acknowledging it of course.


Barnacle Bill said...

I noticed they are not starting it in the North East, say Newcastle, home of an infamous financial institution.
But then again I wonder if the present incumbent of No.11 Downing Street could do with it?

Sackerson said...

Both blue and red governments have cooperated to mess up the personal financial advice industry.

The pension transfer and opt-out fiasco (which any actuary or senior life company manager could have foreseen) helped providers decide the easy money lay in product provision and avoidance of liability for advice; so goodbye almost all the tied salesforces that got ordinary people to save money and take out insurance.

Then came the tide of regulation and regulators, all on good money, pushing up IFAs' costs and time per case, so that most IFAs had to take a hard decision about offering services to lower net worth clients.

On the plus side... (somebody please help me with that bit).