The FT and AMRO Asset Management launched a competition in the summer for the dream savings product. The winning entry, in the spirit of the challenge, was a simple rounding-up scheme at the supermarket till: cash added instead of cash back.
Chris Drew and I, as creators of the ‘Lambda’ long term asset model, had a [...]
Stung by the strength and frankness of the FSA’s rebuke of the long-terms savings industry at Gleneagles (see Commissions: you’re going to have to help yourself), Stephen Hadrill, DG of the Association of British Insurers, struck back at a Labour Party fringe meeting in Manchester. “Carry on churning” said the headline in the advice industry rag MoneyMarketing reporting his reposte.
read more Commentary by Stuart FowlerThe FSA understands perfectly well that the commission-based model for selling long-term savings products to the public is deeply flawed. In a recent speech to industry leaders, Chairman Sir Callum McCarthy spelt it out. The regulator’s powers do not extend to forcing changes in the business model.
read more Commentary by Stuart FowlerReading my US professional body’s reports of conference proceedings I was struck by a piece from Robert Schiller, author of the book ‘Irrational Exuberance’ about the stockmarket bubble at the end of the 90’s. Speaking at a presentation in New York in February, he contrasted the bubble correction in stocks with the new irrational exuberance [...]
read more Commentary by Stuart FowlerThursday’s despatch box spat between Brown and Osborne (the ‘effing’ word, thrown papers) was prompted by John Redwood daring to suggest (as part of his deregulation thought-leading role in the Conservative Party) that financial services consumers might be better off with lighter regulation or even an opt-out for riskier products. The Chancellor’s reposte was typical despatch box posturing: the Tories plan to abolish all consumer protection on pensions, mortgages, insurance and credit cards.
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