It’s thirty years now since Robert Maxwell fell off his yacht, and it was discovered that he’d been plundering his employees’ pension funds. No doubt that ghastly Bryan Adams song from Robin Hood was still number one, as it was for most of that year. My jaw did, therefore, drop somewhat to discover that, after all this time, the regulator has decided that a new ‘pensions dishonesty unit’ is needed. A lot’s been done since Maxwell to compensate those who might otherwise lose their pensions when schemes go bust or are underfunded; but, it would seem, not enough, if anything, to catch those who may be causing those schemes to go under.
“Advisers fearful of further compliance and regulation”
We know, of course we know, that regulation is, or at least should be a ‘good thing’. If those who need or should seek advice can be confident that they’ll be told the right thing, that someone has looked at those ’too good to be true’ investments before they’re allowed to take your money; or, in the case of a Woodford, while they’re raking it in to make sure it’s going where it’s supposed to.
