A firm with whom we work did advise British Steel workers, was as a result given a thorough going-over and thankfully a clean bill of health by the regulator. Then the FCA were themselves given a thorough going-over by MPs and in the press, over their inaction while the bad advice that was given was being given. As a result they’ve gone to the extreme, ordering every case to be referred to the Ombudsman and urging all those advised to complain. Some firms stood their ground, refused and were vindicated. Many others won’t have the courage of their convictions and may well go under as a result. Why should this bother you if you’re not a redundant steelworker who transferred their pension? Because we’ll all end up footing the bill. And it could be a big bill.
“Is vertical integration good for advisers?”
I think the point here should be, is it good for clients? Vertical integration is not something you find when googling tractors, rather the ownership of the means of distribution by a manufacturer.
