NS&I Big Data and the WOPR Problem?

Dominic Thomas
Post written: March 2026 • Published: July 2026
3 min read

NS&I Big Data and the WOPR Problem?

Adapting to the new world is far from straight-forward and NS&I are yet another publicly humiliated organisation that has failed to migrate data to a new system, costing billions. These sorts of problems are common and normally don’t come to light in the private sector, unless there has been a GDPR data breach.

Getting your money into someone’s system is easy, getting it out often isn’t as simple as it could be. That’s why when we review who we use to hold your investments we consider what is required. Customer service is something that is overlooked when assessing solutions, yet can become a significant barrier.

In order to provide “better” (cheaper) services to their millions (250m) of customers, NS&I undertook a £2bn Business Transformation Programme in 2020 to modernise their systems. Two years into the project red flags were all over the place, signalling that it would be unachievable, so in 2024 they rebooted the project and over £1.3bn more has been required. It certainly seems that the project is still unlikely to be delivered before 2028 and the Committee of Public Accounts have, I think it fair to conclude, torn the management team of NS&I to shreds, noting weak controls, poor and delayed decisions and frankly a naïve lack of understanding of the complexity of the issues. They are still not of the view that NS&I really are up to the task or owning the scale of the problem.

Most of us have a soft spot for the old Post Office, trusted by many families for generations. Sadly, sentiments are not the way to assess service, which is shaped by experience. Unfortunately, my experience of NS&I isn’t terribly good. Not too long ago they offered advisers the opportunity to digitally connect with client accounts, we have had minimal success with this, but honestly, it’s been something of a nightmare, with links and passwords not working. Registration processes have been awful.

You probably have seen in the news in late March that NS&I have made so many blunders that they are now in the position of having to pay significant compensation to savers whose accounts seem to be either inaccurate or missing. At the time of writing, there is nothing on NS&I’s website that even mentions the debacle.

Remember that NS&I are basically a front for HM Treasury to raise funds from the public safely; using the money to fund capital projects in the country. Essentially, you are lending your money to the Government.

If you have NS&I products, Premium Bonds, Savings Certificates, Cash ISA etc, please get in touch and we will attempt to include these in our reports to you and will hopefully provide you with additional support should you experience problems with them.

Here is a reminder of the dramatic warning about data security that many of us received over four decades ago in 1983 when a student (Matthew Broderick) hacked the NORAD defence system WOPR (War Operational Plan Response) in the film War Games. The issue isn’t really the technology, but the lack of good human thinking.

(War Games (1983), Directed by John Badham, Starring Matthew Broderick, Ally Sheedy and John Wood Produced by United Artists)

Let us know about your NS&I Accounts.

References:

Public Accounts Report Feb 2026: https://committees.parliament.uk/publications/51662/documents/286154/default/

NS&I Transformation Programme: https://committees.parliament.uk/work/9280/nsis-transformation-programme/

NS&I Board: https://nsandi-corporate.com/governance/who-we-are

NS&I Prize Checker: https://www.nsandi.com/prize-checker

War Games (1983): https://www.imdb.com/title/tt0086567/

What we do: https://www.solomonsifa.co.uk/what-we-do/

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NS&I Big Data and the WOPR Problem?Jemima Thomas2026-07-03T11:54:26+01:00

What profits?

Dominic Thomas
March 2026 • 3 min read

What profits?

I wonder if you have seen the recent BBC series Small Prophets written and directed by MacKenzie Crook. To be honest, I’m usually very wary of “written and directed by” – often it’s not a good combination, but here Crook has built upon the charming Detectorists (2014-2022) to deliver another feel good, amusing and poignant comedy that will leave a smile on your face.

This is a tale of the extraordinary in the very ordinary, an exploration of grief and hope, with a dash of wry wit and some daft divine magic. I won’t spoil the plot as it’s a series with a probable follow up.

In essence Michael Sleep (Pearce Quigley) is living with the knowledge that the love of his life, Clea, has disappeared. Most presume she took her own life with her car being found on the Severn bridge. He is waiting for her return as he goes about his mundane, ordinary life as a member of staff at the local DIY superstore. He visits his father Brian (Michael Palin) each day who is now living in a local care home. Apples don’t fall far from the tree, both are curious and have sharp minds, though Brian’s is now failing him.

Brian has the ludicrous certainty that he can grow truth-saying spirits (Homunculi) in a jar of rainwater, who have to speak truth. This, Brian asserts, will lay to rest the question of Clea’s mortality. The fantastical is set against the backdrop of the plainly defiant ordinariness of a fairly bland life. Yet we quickly witness many moments of magic in the ordinary and are reminded of our humanity and ability to connect and relate to one another with grace, patience and goodwill.

The contrasting lives and experiences are set against one another, the minimalist nosy neighbour who can barely tolerate Michael’s chaotic overgrown garden. The ‘brother-in-law’ who has lost everything as an adult, yet can find his childhood being restored. The lost treasure within our clutter. The hopes of superstore staff who dream of careers whilst serving others intent on their own DIY, most being oblivious to all that is in front of them (bucket scene) and missing the mystery and magic within the ordinary.

So what? It is so easy for us to forget the basics of life, to connect and be connected, to pause, to think and to thank. The talent and skill of genuinely caring. To be curious and to allow our curiosity to explore the mundane to the mystical. It reminds me of what I sometimes hear from clients “we have a fairly ordinary modest lifestyle” as though I may judge your life choices or maybe perhaps you aren’t sure if you are quite rich or ambitious enough.

The point of great financial planning is to live on your terms, not those of others. Whilst it may not be mathematically ‘best’ to repay your mortgage, the sense of liberation felt by doing so is priceless for many. To be able to live and give generously, on your own terms, without strings attached and to be able to see your legacy taking shape during your lifetime. These are things that are ordinary yet deeply fulfilling and are the true profits of a rich life.

The short 6-episode series, which I watched on the BBC iPlayer was a great way to end an evening, that may otherwise have been punctuated by a stream of “nothing good” on social media. I agree with those who gave it the high score of 8.5/10 on IMDB. Here is the trailer.

References:

When to report a missing person: https://www.met.police.uk/advice/advice-and-information/missing-person/missing-persons/what-to-do-when-someone-goes-missing/

Missing Person: https://www.gov.uk/report-missing-person

What is financial planning: https://www.solomonsifa.co.uk/what-we-do/

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What profits?Jemima Thomas2026-03-27T15:01:26+00:00

Is your money an extension of your values?

Dominic Thomas
July 2023 • 12 min read

Is your money an extension of your values?

The financial services sector, like others, has been attempting to evolve over the years, moving with the times. I’m not talking about technology; but the people and culture. The regulator has had things to say about culture for some years, but usually too little too late and with no real weight behind it.

Sentry at your door

One of the things you may not be aware of is who we do not use. As your adviser and confidant, I take my role seriously. One aspect of the role is being a bit like a gatekeeper or ‘bouncer’. Some might say I possess the right thuggish look for this! What clients end up with is hopefully a well-screened experience, but you almost certainly don’t know how that is done and how much dross has been screened out, why should you? It’s my job to do this and time is too limited to bore you with all the detail.

So, cutting to the chase – price, functionality, financial resilience, performance and philosophy are all perhaps obvious elements. Culture is much more subjective. Whilst this can include ‘greenwashing’, I also consider elements of what, who, why and how things are done. Rare is the day that you will ever hold a ‘Prima Donna’ investment. Stars are for astronomy not your investments.

Leadership

We are all familiar with the reality that the wrong people are generally leading the world rather badly. Good leadership is vital, sadly the culture within financial services is often intoxicated by its own sense of importance and ‘leadership’, which often gives way to belief of possessing better skills and a Midas-touch. Performance-fuelled and rewarded and then re-awarding itself like an ever-consuming sycophant.

Nobody is without failings, but some people seem to believe that they can behave with impunity. An error of judgement or mistake is one thing, but constant repetition is another. One of the many problems with success is that people tend to ignore details, yet it is the detail that is likely to be the undoing.

Money, power and sex … or rather abuse

Money and power tend to keep those benefitting from it quiet. Sometimes a lowly observer has to point out the Emperor’s predicament. We can all be fooled, but I am often surprised how easily this is achieved.

You could read the article by Marriage, Cundy and Caruana Galizia in the Financial Times on 8^th June 2023 for detail about the behaviour of one of its members, (well several actually). However, the network will generally seek to protect and deflect blame, minimising any wrongdoing as ‘misunderstanding’.

Big fish, small pond

You can make the choice with your money to follow these people or not. However, I have no intention or interest in helping increase the personal fortunes of those whose behaviour privately, publicly and corporately appears self-serving. If you prefer to help these particular millionaires (or billionaires) become richer, that’s your choice, but it’s not mine. For me, money should be ‘used’ not ‘played with’ to impress parents who clearly gave up providing enough attention at the beginning.

Accomplished liars

Having been around the sector for over three decades, it won’t surprise you to learn that I do not believe regulation or legal action really makes a difference to characters who simply do not care about anyone else. They will of course utter feeble words about lessons being learned, seeking help, blah, blah … whilst standing beside a spouse who has yet to comprehend the depth of the offence … but this is all too predictable. They haven’t changed behaviour and its naïve to think they will.

They bullied or charmed their way into the spotlight. A lifetime of bluff and overconfidence has resulted in them becoming highly skilled liars. However, they are permitted to thrive by others pretending that everything is somehow OK, when it clearly is not. I don’t mean we should all pass judgement on each other’s choices, but ‘the network’ allows it to thrive. Of course, this is not simply within financial services, sadly most walks of life from the pulpit to the bull pit, the shop floor to the studio, the Boardroom to the changing room.

Another way

Your money is remarkably powerful – it endorses, promotes, approves and rewards. This is why I take great care in how it is invested and the philosophy behind it. As a client, you back our small firm that rewards its staff fairly and takes each person seriously, helping each to build their own lives on their own terms.

Click here for FT piece

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Is your money an extension of your values?Jemima Thomas2025-01-21T15:41:29+00:00

EXISTING CUSTOMERS ARE “FLEECED”

TODAY’S BLOG

EXISTING CUSTOMER PENALTY

If you have ever found yourself screaming at the radio or television as an advert comes on about your existing insurer, finally it seems, your exasperation has been heard. Yes you were right, new customers were getting a better deal than you (on your home and car insurance). Perhaps on your banking or mortgage too.. but let’s park that for another time.

The Financial Conduct Authority (FCA) is bringing an end to the practice of car and home insurers charging loyal customers more than new customers. ‘Price walking’ – commonly known as the ‘loyalty penalty’ – is a pricing practice where existing customers are increasingly charged more, the longer they stay with the same insurer. If you have been a client for a while, you will have heard me mention “the inertia that financial services companies rely upon”. I normally make this comment in relation to someone that has not reviewed their pension or investments for a while, or taken an annuity from their pension company (now that doesnt happen as much these days).

Following a consultation launched in September 2020, the FCA has confirmed this unfair practice will be banned from 1 January 2022 – saving customers an estimated £4.2bn over 10 years. So, if you are a tad cynical like me, then we can look forward to adverts towards Christmas time that focus on the last hurrah of rip-off insurers…. of course I’d also suggest that we may all end up paying more.

NEW CUSTOMER DEALS FOR ALL…

Insurers will have to offer existing customers wanting to renew, a price that is no higher than they would pay as a new customer coming through the same ‘sales channel’. The ‘sales channel’ is just how you reached your insurer, which could be through their website, over the phone, through a comparison site or via a broker. These can all have an effect on the premium you pay and will continue to do so. So, for example, if you’re renewing over the phone, you’ll be offered the same price as a new customer switching to that insurer by phone.

There is of course a but… But this might be a higher premium than a new (or existing) customer taking out a policy online. If you really have the time to call a massive insurance company on the phone, they are likely to charge you more for the pure joy of the experience. As well as the new rules on pricing practices for home and motor insurance, the FCA is also bringing in new rules to make it easier to cancel the automatic renewal of their policy, which should make it easier to shop around. The pricing and auto-renewal changes will come into effect on 1 January 2022.

WANT MY ADVICE?

Well, do not waste your time with comparison websites. These are not whole of market and cheap is not necessarily best. This is insurance. You do not want it, but you need it and if you need to make a claim, you will want it paid out. So, use an insurance broker. Yes they will not be the cheapest option, but their real-life experience is…. priceless. They will get the most suitable arrangement from the market. If you do not have a broker, I can recommend one, who I have used for years – Richard Hiscox at 1StopInsurance. Put his details in your addressbook now or just call or email him to let him know your renewal dates.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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EXISTING CUSTOMERS ARE “FLEECED”Dominic2025-01-23T10:52:21+00:00

ARE YOU BEING SCAMMED?

TODAY’S BLOG

ARE YOU BEING SCAMMED?

OK I admit that I am often sceptical about surveys, the sample sizes are often too small to infer anything of significance. However, in this instance, even if the survey is bogus it is certainly worth reminding you about scams – and something that you can and ought to pass on to your friends.

A survey for Liverpool Victoria (LV) found that about 14% of the adult population (about 7.6m adults) have been hit by a pension scam. Double this number were concerned that they might fall prey to a scam (a pension scam to be precise). Half admitted that scams were hard to spot and around 41% wanted help knowing how to do so and how to prevent being scammed.

WHY TARGET A PENSION?

Aside from your home, your pension is probably your largest or most valuable asset. Scammers know this, they also know that the majority of people don’t know much about pensions, find them very dull and full of jargon. They often don’t realise how much they are worth and rarely treat them as though they are the family heirlooms that they are.

As your adviser (if not yet, then get in touch) I have been explaining the importance and value of your pension for many years. You know that we focus on using the most modern pensions to take advantage of pension freedoms and evidence based low-cost investment strategies. It is your future source of income (or a current one) and may well be something you leave to your beneficiaries.

BEWARE THE FREE LUNCH (REVIEW)

However, for those that do not want an ongoing relationship with their adviser, minimising costs is a significant appeal, having a “free” pension review – well music to their ears rather than any recognition of alarm bells. For most of my working life financial advice has been generally touted as free. It isn’t, it never has been and that is frankly the biggest source of all the problems.

COLD CALLING

A friend of mine, Darren Cooke started a lobby in 2016 to end cold calling. Most advisers joined the movement which resulted in the banning of cold-calling about pensions from 2019. Yet it still happens. It is banned, but there you are.

PENSION LIBERATION

There is no such thing, unless you consider liberating your pension from you a form of liberation – I call it theft. You cannot access your pension before age 55 except for a very, very rare number of instances. Safer to assume you cannot.

Moving your pension to a SIPP (Self-Invested Personal Pension) is absolutely fine BUT only if you are using properly regulated funds within it. Not offshore weird stuff like teak farms or storage boxes, car parks or some other daft “asset” that I can actually set on fire.

NEW FREEDOMS, NEW TEMPTATIONS

Taking your pension is much easier than it used to be. There are new (2015) pension freedoms which have made pensions much better than they were. However, with greater freedom has come greater choice and increased responsibility – yours (and mine). A crook will exploit some basic knowledge (rules have changed) pander to misinformed opinions about stock markets “they are risky and lose you money” and will offer something that sounds altogether better – guarantees, no stock market involvement, high returns -much better than your cash and sometimes money now…. All for free.

Sadly, many do not remember the adage “if its too good to be true, it probably isn’t”, fewer still seek out a financial adviser and if they do, may well be befuddled by what restricted or independent means (invariably a restricted adviser will not mention it, even though they are meant to do so clearly). When a regulated adviser provides advice, he or she is liable for it. I can assure you that we take this very seriously as the liability rather unreasonably, extends beyond the grave.

HANG UP

If you have a friend that you think is being scammed or you are approached yourself, hang up the phone and get in touch with me. I have seen too many people get scammed for one lifetime. A good site to check out is the FCA SCAM SMART site.

Dominic Thomas
Solomons IFA

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

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PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

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ARE YOU BEING SCAMMED?Dominic2023-12-01T12:13:05+00:00

AS SAFE AS HOUSES…

TODAY’S BLOG

AS SAFE AS HOUSES

I am not really sure what the reason is, but most people trust their own bank. I guess that a degree of trust has to be there in order for you to agree to bank with them. However, there is a huge amount of inertia when it comes to banking. I don’t know if it is still the case but not so long ago a bank customer was more likely to leave their marriage than the leave the bank.

On 8 July 2021 the regulator concluded yet another investigation and disciplinary action against the Bank with the horse (again). This is prone to jokes about stable doors and a few about the long face. This time house insurance sales. Those awkward hassle reminder letters that tell you its time to renew.

I’m stretching a little, but I am basing my own assumptions on the statements made by the FCA. Long story short, loyal customers were not getting deals they thought were good and there was never any real attempt to compare just how wonderful the cost of insurance was against others. This all happened a few years ago… back in 2017 the home insurance market of 18 million policies and 12.29% of those with Lloyds Bank General Insurance. I make that about 2.2m policies. The premiums paid to Lloyds amounted to a tidy £713m… so that’s an average premium of about £336.

BOLTING THE STABLE DOOR

In fairness to Lloyds they have already repaid customers £13.5m. The FCA have fined Lloyds £90,688,400 due to the misleading renewal and marketing literature, of which there were over 9m “renewal communications” between January 2009 and November 2017. So the problem went on for 8 years and its nearly 5 years after period concerned that a fine has been issued. There really is something about stables, horses and bolting here isn’t there?

Is it just me or is this about 2.2m polices sold each year since 2009… 12 years of premiums or about £8,556m for a £90m fine. It’s about 1% of premiums over those 12 years. Fair enough I am extrapolating the data, but I doubt its far off.

May I make a suggestion? Do not use your Bank for your insurance, or indeed anything other than banking. We see this sort of stuff on a regular basis, yet people remain loyal to their Banks. Use an insurance broker who will assess the market. I use Richard Hiscox at 1Stop. The main advantage is that price competition is part of the issue, the other is whether claims themselves ever get paid out easily with minimal fuss. This experience is something most of us have little of (thankfully) but an insurance broker sees this stuff every single week.

Dominic Thomas
Solomons IFA

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] Call – 020 8542 8084

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Are we a good fit for you?

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AS SAFE AS HOUSES…Dominic2023-12-01T12:13:05+00:00

THE SKY’S THE LIMIT

TODAY’S BLOG

THE SKY’S THE LIMIT

This is an increasingly common tale. It is one about a scam, one that you really should be aware of. Scammers generally take two basic guises – a confidence trickster and an expert in a subject you do not understand enough about. This scam is the latter. It is about technology, something that you and I use, but probably have vague or general understanding of, because we do not really know how it works – simply that it does work.

The scam takes the form of a phone call from someone working at your broadband supplier. The truth is probably that you are with one of a handful of broadband companies, there is a high chance of mentioning any one of them that you are a customer. At this point the caller can either effectively politely end the call or has reassured you that you are dealing with an existing supplier.

HELPFUL HARMFUL AND HORRENDOUS

The caller informs you that your broadband is not working as well as it should, and they can help make it faster. Who of us does not want faster broadband? (irrespective of the inaccurate promise on the tin). Help is at hand if you download an app and place your phone near your router so that the performance can be monitored (how helpful right!). You comply and are informed that you are due a refund for poor performance (good news) so a code is provided to enable payment to your bank. You are kept on the phone, which whilst you think to yourself is a little frustrating and a little ironic in the age of high technology, you are of course getting something in exchange – a refund and faster broadband. You wait. At some point you are insulted as a muggle or something similar, and the caller hangs up. You have an immediate rush of realisation and call your bank to discover that it has been emptied. Emptied! Just hold that feeling a moment before reading further. Your bank account emptied….

You did not authorise a withdrawal, you were expecting a credit. Your bank may or may not be impressed and act accordingly. It is international fraud and not within the FCA jurisdiction.

NOT MERELY BASED ON A TRUE STORY, IT IS A TRUE STORY

The above is an abridged true story that another adviser shared with me, it happened very recently. Please do not accept the information that a caller provides you with. Anyone calling from one of your suppliers should know some rather basic information from you, be that your name, address and account number (for the service). Do not give them any of your time. Do not download anything that you have not understood sufficiently. Never reveal your bank information over the phone, guard it as though you would your prized possessions.

**#*&^(:jh:d!!**

There are many words for scammers, if you are ever victim of one, you will think of many of them. You are not a fool. You have been fooled and we all can be (look at how we vote!). However, you must act. Most scams offer the promise of more money or improved service. Rare is the day that these come without cost. They are never free.

Dominic Thomas
Solomons IFA

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

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THE SKY’S THE LIMITDominic2025-01-21T15:41:30+00:00

AVOID MINI BOND SCAMS

TODAY’S BLOG

AVOID MINI BOND SCAMS

Following on from my piece about cash management services I mentioned the problem of a growing number of scams. Cash savers looking for better rates of interest are regularly duped into believing that rates of 4% or more are currently achieved for cash. THIS IS NOT POSSIBLE for deposit accounts UK Banks or Building Societies when the Bank of England rate is 0.1%. Of course a few years ago such rates were common, but not since the credit crunch. So be warned that something that says it is the equivalent of cash when it is nothing of the sort. Genuine interest rates will not be much better than the Bank of England rate – perhaps 2% more, but very little else.

Accounts offering “interest” of more than this are not genuine cash. They could be legitimate, but not cash. The rise of peer-to-peer lending is often a touted as an alternative to a regular bank. There might be some good ones (they may be) but on the whole this is a new business taking your deposit and lending it out to other businesses or individuals at a higher rate than they pay back to you. No different from a traditional Bank, except that a traditional Bank has been doing this for years and has learned the hard way that lending needs to be done carefully… and whilst I am no fan of Banks, just think about who might borrow from such a lender… someone that cannot, for whatever reason borrow from a high street bank. Hey presto, higher risk of default.

MINI BOND SCAM

Mini Bonds are yet another layer of this, except they dont have to relend the money to legitimate borrowers (people trying to fund their business or enterprise where a mainstream bank won’t play ball). They can lend the money to anyone, sadly often to the Directors of the company running the mini-Bond. Thousands of savers have got into problems with these mini-bonds. Tempted by higher rates of “interest” which was then passed on to some pretty despicable humans. These were banned in January, but this month made permanent after mini-bond firm London Capital & Finance collapsed with £237m of savers’ money.

WHAT IS A MINI BOND?

There is no legal definition of what a mini-bond is in the UK. Most companies that have offered them, including London Capital & Finance, borrow money from ordinary savers, promising them a fixed return well above the rate available on most standard saving products. The mini-bond firm is then largely free to do what it wants with the money. Many have lent investors’ cash to third party companies (which sometimes has the same directors), bought other risky investments such as race horses or wine, or funded property construction. A number of companies that raised money in this way have collapsed with millions of pounds of savers’ money unaccounted for. The FCA claims that mini-bonds are not within its remit, while criminal investigations for fraud are rare and prosecutions even rarer. As a result, investors generally have no protection if things go wrong, and fraudsters can operate with little fear that they will be punished.

ONLINE ACCOUNTABILITY

One of the many problems with google and facebook is that they carry advertising and seem unwilling or unable to vet adverts for authenticity, though I find this very hard to believe as whenever I have attempted to run even the tiniest marketing initiative on Facebook, my “advert” has to get “approved” before it can run. So… no I don’t believe that more cannot be done. Anyway, savers who are not as sophisticated as the scammers invariably google interest rates and are faced with adverts offering higher rates… what’s not to like? Well just the fact that risk isn’t really explained and its all framed to look, smell, sound and taste like any other Bank. You need to know the real risks that you are taking. A mini-bond is a great way to part with your cash on a permanent basis, something that the stock market does not do until Armageddon (as you will not get to a £zero value if you have invested in an index unless everything is worth nothing – and I can only imagine one scenario where that could occur… the sort of scenario where a Blofeld Bond-like villain (hence the cat picture…) is holding the world to ransom, or the actual obliteration of everything we know. If this ever happens, you won’t be worried about your ISA or pension.

In the meantime, please beware of scams, watch out for the villains, they are rarely as easy to spot as Mr Blofeld. This reminds me of an element of my work which is to act as a type of bouncer to your finances. Some have asked me about my photo, suggesting I look a little “mean” (perhaps they meant grumpy). It is deliberate – anyone that has engaged with me knows that I am having a little joke. As a bouncer, or gate-keeper part of my role is to ward off those trying to part you from your money. Its meant to be a little amusing, (ok not hilarious) whilst holding a very valid truth – that I am on your team as a defence against the rubbish that inevitably comes in your direction, its not if, but when…

As for the calibre of the villains, well the fictional ones are best left to the likes of 007, those that are actual criminals, well… I have to leave them to the authorities whilst doing what I can to prevent them coming anywhere near you.

As for Mr Bond, from the perspective of 2020 there are many aspects of 007 that hang heavily today. A friend of mine recently mentioned that he had rewatched the entire Bond collection with his children, he reappraised his favourite Bond and saw the films in a different light. When it comes to cash accounts, please appraise with care – make sure you know your Bonds from your Mini-Bonds. Here’s a trailer for 007 in “You Only Live Twice” (1967) who, let’s face it, has probably lived more than twice already.

Dominic Thomas
Solomons IFA

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AVOID MINI BOND SCAMSDominic2023-12-01T12:13:16+00:00

SINGING LIKE A CANARY

TODAY’S BLOG

SINGING LIKE A CANARY

My twitter account got a little heated at the weekend. I, like many other financial planners am utterly fed up with financial scams. Most of us get scam emails – I have yet another only two minutes ago purporting to be HMRC with a refund… Anyway, what irritates me and many planners is the apparent ease and frequency at which scams occur.

We have a regulator and anyone that knows me will know that I believe that they play an important, arguably vital role within financial services (see Cops and Robbers in Spotlight March 2019). Yet the FCA twitter account seems unable and unwilling to accept information about suspected (or even obvious) scams.

Better but not great

An item by James Coney in The Sunday Times (12 May 2019) called “Here’s how the FCA could stop savings scams – use Google” sparked some mirth which evolved into a small, sometimes heated “debate”. Some comments suggested that regulation is much better than it was, that the scams are less costly. That the FCA is doing a good job. I am not denying that the FCA is trying, they have an enormous brief. However, there are many of us that think that too much time is wasted on the wrong things.

Climb a mountain, or use the tunnel ?

This week I will have to submit yet another 6-monthly online report to the FCA telling them lots of things about my business. It takes ages and frankly I don’t think it reveals much of any importance. In any event wouldn’t a crook would simply make up the data? At the coalface of advice regulation can also be over the top…you want to top up your ISA… well yes, that requires a report, really? To top one up? Yes. You want money out? Well a report telling you that taking too much may mean it runs out is required… Admittedly the length and depth of reports and research are not prescribed by the regulator, but very much enforced by compliance and professional indemnity insurers. Certainly there is a place for this, but often it looks and feels like “overkill”.

Scams to the left of me, scams to the right…

I cannot explain why people being ripped off is so upsetting to me. Its wired into my DNA or childhood experience I suspect. Many advisers are on the same side as the regulator, we both make a living from financial services. The flashpoint, was the suggestion that advisers will be forced to pay yet higher levies for the FSCS to make compensation payments to scammed investors. This relates to yet another “obvious to an adviser” scam of mini-Bonds of London Capital & Finance. Who made promises that they would never keep to the tune of £237m from 11,500 savers. This was not a regulated business. There was no FSCS compensation for the investors. At least that’s what should have been the case, but now it seems this is disputed and advisers will have to foot the bill… for a scam they had nothing to do with.

Virtual reality isn’t reality

James Coney, like many of my peers argues that a quick search of the web will reveal plenty of scams. Some are obvious, some less so. This is the occasion to use the word fake – there are fake websites, fake products and fake endorsements. Please don’t get taken in. Ask me or your adviser if you have one. Why take the risk for a couple of extra percentage points of interest?

Sadly, I am of the view that the system is in need of an overhaul. The regulator thought that forcing all other advisers to charge fees, and explain these each year would solve the mis-selling problem. I’m sure it has a small favourable result, but the bulk of crime is committed by criminals, who lie. No amount of legislation or disclosures will have any impact on them, what they require is the strong arm of the law and a custodial sentence.

Dominic Thomas
Solomons IFA

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Solomon’s Independent Financial Advisers
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SINGING LIKE A CANARYDominic2023-12-01T12:17:25+00:00

What We Cannot Measure

Solomons-financial-advisor-wimbledon-blogger

What We Cannot Measure

Financial scams are sadly all too common, we cannot measure how much we save clients by helping them to avoid the many thieves, scammers and general loathsome low-lifes that are keen to part you from your money. Yet that is arguably one of the most significant aspects of my work – helping clients to avoid making mistakes, or at the very least, making fewer of them.

I had to admit to living in a bit of bubble within my sector. When I started as an adviser (1991) I thought most of them were crooks and little of my early experience of helping people get out of rubbish rip-off arrangements altered my opinion. Admittedly for a more complex set of reasons, I was acutely aware that when I turned up to events, my car was one of the “worst” in the car park. Others were doing much better… and frankly I thought I knew why.

Skip forward quite a few years and my opinion changed dramatically as a result of being part of the institute of Financial Planning (IFP) who are now the CISI. The people I met there were open, genuinely keen to help each other do a better job for our clients and were adamant that clients must be put first. This is the bubble that I have been in for quite a long time now. I forget, (because I tend not to come across them) that there are still a lot of horrid individuals who would raffle their family.

The Ark Scam

I have followed the Ark scam with some exasperation, these scams impact our regulatory fees (which rise as a result). In many senses they feel like rewarding failure, but I do appreciate that it’s not an easy job to stop every scam. However this morning I saw a tweet from a decent-minded adviser I know about a post from another. It is the very shocking and desperately disappointing story of Sue Flood’s experience with Ark and her pension. She has been failed miserably.

I would encourage you to read the item on Henry Tapper’s blog page. It is a verbatim script of her account of things from a meeting yesterday. I wish it were very different.

All I can say is that it is about time that some justice was provided to these 500 or so victims. The authorities responsible should wake up and get on with resolutions and bringing the crooks into the safety of prison.

It is this sort of stuff that we help clients avoid. There is a lot of it out there. Frankly Bitcoin is another and most of the rubbish that is covered in the press is decidedly bad for your wealth. Sue did just about as much as anyone could be reasonably expected to do, she checked out her adviser and everything seemed fine. As an industry (we still are) we have collectively failed many, many people like this.

Here is the link to the article.

Dominic Thomas
Solomons IFA

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What We Cannot MeasureDominic2023-12-01T12:18:06+00:00

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