An independent (financial adviser's) view

I've suggested to both family members and parent clients, planning to fork out ￡000s on fancy wedding venues, that they have a quiet ceremony and a big party later. Let's face it, as a guest you just want to get your hands on the first glass of bubbly and could happily skip the down-the-aisle bit. Boris has, it seems, become one of the first to heed my advice. The other thing I could have told him is that hell hath no fury like ex-employee scorned. Rather worse than ex-wives, as he's finding to his cost. Anyway, as usual, Larry the No.10 Cat has the best last word.

“NEW COLOURS AND A SHORTER NAME? DOES REBRANDING WORK?”

I’m not, of course, featuring this article just because I’m quoted in it (para 15 in case you give up half-way through). Its point is, what is the point of changing an established brand name, Prudential to Pru, Standard Life to Abrdn, and is there a justification for the ￡zillions spent as a result? Will this give them enough of a dust-off to appeal to ‘young, internet-savvy savers’? Or is the baby going out with the bathwater? My view? Just changing the name won’t make them overnight online heroes. Better to start from scratch without the baggage, I’d say.

“FOS INVESTMENT AND PENSIONS COMPLAINTS RISE 91%”

Two bafflingly contrasting headlines: complaints to the ombudsman nearly double, they have a huge backlog, so they’re making 200 staff redundant. That has to confirm that the system is broken. Only an average of 25% of complaints are upheld. So there are a heck of a lot of chancers, encouraged by those ‘have you ever been sold a pension or ISA’ cold calls, hoping to get a few bob for free (as it’s we who have to pay the fees if you complain). Most upheld complaints are about SIPPs, which surely means that they need better regulation. And those ‘Claims Managers’ need outlawing. Rocket science? Is it just me?

“DWP WANTS LOWER CHARGES FOR WORKPLACE PENSIONS”

Once again, those holding lengthy meetings and internal consultations do not understand the real world. How do you ‘improve engagement’, in other words, encourage workers to pay more to and not opt out of workplace pensions? Make them cheaper and ‘more transparent’, of course. No. Those who opt out can’t actually afford to lose 5% of their pay; reducing the annual charge by 0.1% won’t change their minds. If you make things voluntary, not everyone will volunteer. You either have to make them pay. Or pay it for them.

“CBI: UK MUST ‘SEIZE MOMENT’ NEXT DECADE OFFERS”

It’s become a topsy-turvy world, and we can’t blame it all on Covid. The nearest thing Labour has to a stronghold now seems to be in London and the South East. And the CBI, once the bastions of Maggie-ism, are putting forward what could be a Blair-style election manifesto: education, employee benefits, level up, invest in the future, no austerity. A grand plan, they call it. Let’s hope nettles are grasped before preparations for the next election or more hysteria about Boris and Carrie's pets, take over the No.10 agenda.

I listened to, rather than read this as I love Rev. Coles voice, a regular on Radios 2 and 4. He both reads and writes beautifully, and what a tale he has to tell, a journey (I know, I hate that too) from druggie, 80s, gay activist Communard to same-sex-married country vicar.  I’d recommend this tale like few others to all broad-minded readers and listeners. And, as the High Campery of the High Church has quite a role to play in his transition, to many a currently less than broad-minded church goer.