The Financial Services Authority is said to be concerned over “poor firm conduct” in private banking and wealth management. The FSA recently conducted a thematic review of the wealth management sector “which revealed evidence of misconduct, giving rise to potential consumer detriment”.
Our brain is the most powerful computer known to mankind, processing vast quantities of information in seconds instinctively and without much effort. Unfortunately, some decisions have a more profound effect on our lives than others, particularly financial ones.
There will be thousands of people contemplating retirement this year and that number is growing every year. In 1901 there were 10 working people for every pensioner. But this reduced to 3 working people in 2010 and is set to reduce to just 2 by 2050. It doesn’t take a genius to work out that reliance on the state will disappear. However, many people lack faith in private pensions and quite rightly so. It’s time to start asking different questions.