News & updates

News & Updates

Investing to secure defined outcomes

Final-salary pension transfers tell us a lot about the wider need for customised investment solutions, goal-based and outcomes-driven, to replace standardised portfolio types. Failure of conventional solutions Defined Benefit (DB) transfers, where a known, secure real...

FCA publishes BSPS redress consultation

Since I had written extensively about the feasibility of a redress scheme to cover advice to members of the British Steel Pension Scheme (BSPS), I want to comment briefly (even if too quickly) on the consultation paper published today by the FCA. I had set out in my...

Economic exclusion as a force for peace

Russia's war has surely changed many things, even before it is over. One is counter intuitive: it has made the powerless feel some sense of power, through collective action. I am talking not about governments but ordinary people. It turns out we hold the keys to...

Feedback on my British Steel article

I wrote here that the entire basis of the FCA's assessment of the suitability of transfers from a DB or final-salary scheme to personal pension in readiness for drawdown was so flawed on first principles as to make any s404 consumer redress scheme that relied on it...

‘Bargain basement’ UK

'Activist investors descend on 'bargain basement' UK companies', says the FT headline yesterday, quoting one such investor in Los Angeles. As we are quantitative investors, with a rules-based approach driven by our own measure of market valuation, we don't normally...

‘Transitory’ inflation: a weasel word

There is much debate, not least amongst those responsible for monetary policy in different economies, whether the recent global increase in inflation will prove 'transitory'. What exactly do people using that term think it means, or want it to mean to their audience?...

A reasoning error at FOS

In my recent article on the 'false logic' in the FCA's guidance on transfers from DB pension schemes to personal pensions, I alluded to the risk of awards by the Financial Ombudsman Service (FOS) being biased by that logic. Searching FOS published case histories...

Is a British Steel redress scheme workable?

The FCA has bowed to pressure to introduce a Consumer Redress Scheme for all members of British Steel Pension Scheme (BSPS) who were advised to transfer to personal pension alternatives when the company closed the scheme in 2017. Considering there were quite clearly...