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1964: Time of Indifference – Maselli |
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1964: Time of Indifference – Maselli |
2012: Avengers Assemble – Whedon |
Financial Planners are furious today after the FSA announced that it has conducted a review of the sale of Arch Cru products. It would appear that many of the advisers selling these products were inept with an overwhelming number from the sample failing the file test from the FSA. The FSA suggest that many of the firms involved (795 in all) will collapse, conservatively putting this at 30% of the firms concerned. Planners are not upset that the firms found “wanting” will be punished, but that we (the rest) have to pay for their incompetence to the tune of around £100m. The FSA suggest we should all increase our fees so that we can meet the rather larger FSCS “30 days to pay invoices” that will be on the way. This of course makes perfect sense doesn’t it? higher fees for clients of good firms, paying for the “advice” that others gave and took on a commission basis. One of the regulators main initiatives TCF (Treating Customers Fairly) seems to have rather caught a cold on this one, failing on several counts – its not fair, and its not our “customers” and if ever one client cross subsidised another this is perhaps the most telling example.
1969: Butch Cassidy & The Sundance Kid |
1991: Favour, the Watch and Fish |
1938: Listen Darling – Edwin Marin |
2005: Brothers Grimm – Terry Gilliam |
1997: A Life Less Ordinary – Boyle |
1963: Doctor in Distress – Thomas |
1966: Carry on Screaming – Thomas |
There are days when I’m very much “in the zone” and then there are days like today, when I am thwarted by incompetence. Financial planners rely on good information, the tired phrase “garbage in, garbage out” very much applies within financial planning. It is important that information is accurate. I have been working for a client that is due to reach a milestone birthday next week. We have made repeated requests to his pension company (a well-known Multi-national) for accurate information about what his funds are worth and what their options are for him. I need this in order to do a thorough job, frankly a proper one, assessing all his available options. So it is “disappointing” (one word for it) when we are told conflicting information and sent inaccurate details. This is not for a theoretical analysis, but is vital for something that will happen next week (we have been requesting information for months).