Tuesday, August 3, 2010

More financial sector parasites.

Savers lose out as advisers cash in

An “insidious relationship” between financial advisers, investment funds and stockbrokers is costing savers billions of pounds in lost income, it has been alleged.

Posted by mr g @ 09:21 PM (1343 views)
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7 thoughts on “More financial sector parasites.

  • This really isn’t surprising to anyone I hope.

    It started with Margaret Thatcher (second worst Prime Minister in UK history I note today) removing any legal obligations to the customer for finance companies – ‘caveat emptor’ became the buzzword but actually, caveat emptor sounds remarkably hollow nowadays when the financial institutions themselves don’t take responsibility for their own reckless purchasing decisions.

    She was also happy to de-regulate the pensions industry leaving behind her a mess of fund incompatibility, confusion, profit taking and unclear fiscal responsibility while she retired, head held high on a fat and full pension completely insulated from any of the havoc that she had wreaked. When I hear on telly that she’s tripped and broken an arm or a leg, I secretly (and sometimes not so secretly) wish she’d ‘encounter complications’ and well … die.

    Every politician since has ridden the consumer on behalf of financial institutions providing the promise of a lucrative advisory position so that on leaving government these influencers can wallow in easy cash while the impoverished millions wallow in misery and wonder where they went wrong and how different the initial investment promises were to the returns gained.

    Caveat emptor though. Yes, that’s exactly what the taxpayer should be saying to financial institutions like Halifax, RBS, Lloyds and Northern Rock.

    Only taxpayers don’t get a say – just another politician looking for another lucractive advisory role.

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  • I’d be interested if Financial Advisor has anything to say about this.

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  • “An “insidious relationship” between financial advisers”

    Incestuous more like.

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  • Pretty low stuff Paul. Enterprise in the UK was punished pre-Thatcher and she fixed it – she made the country much richer.
    For that reason (assuming that you were referring to the FT poll in your post) she was rated the second best postwar PM not the second worst as you claim:

    http://4.bp.blogspot.com/_z5hT1P0X79c/TFbSt4nIIcI/AAAAAAAAGHs/TD6cWGD4qRQ/s1600/pms.jpg

    We will disagree of course – fine – but someone had to do what Thatcher did eventually to keep us competitive.

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  • We really are in dire need of a good purge! It really is a tragedy that these people will succumb to old age. Never mind

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  • @Paul

    Re Thatcher: I agree with everything you say about her actions in relation to financial services but dispute that she was the second worst Prime Minister in UK history.

    Within my memory we have had Douglas-Home, Callaghan, Blair and Brown who, regardless of your views on Thatcher were considerably worse than her.

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  • I omitted Heath from the above list.

    RC philanthropique Brigitte?

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