Two related stories about our compensation culture, as in financial services, it seems, ‘caveat emptor’ does no longer exists. You can bet your pension money on the dodgiest of dodgy unregulated investments via a firm which, if you’d done any research, you’d find was registered somewhere potentially dodgy. If it all goes belly up, the rest of the (not dodgy) financial world will be asked/made to club together to compensate you. As a result, the Financial Services Compensation scheme is looking for funding of £95.5m to cover its management expenses this year. In the words of The Stranglers (kids etc.), “Something Better Change”. Bitter and twisted? Moi?
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.
