C
confused d4
Guest
reasons for the failure of PRSAs
Dear intermediaries and insurance companies,
I am not directly involved in the financial services business, but I do some independent consultancy work for a number of life & pension types. A few of them are decent sods, the majority aren’t.
You can blame all the factors in the world for the failure of PRSAs to take off. The reality is that people don’t trust you. Your industry is a pretty unpleasant morass. Despite IFSRAs futile and wasted efforts and your own wailing and moaning about compliance, the industry is miles away from transparency, much less value for money.
I have an MA in Statistics, so I have a reasonable grasp of numbers. By any yardstick, the financial services industry in this country offers damn bad value. Poor products, poor advice, excessive charges and damn all responsibility.
In the past I have encouraged younger friends and associates to get going on pensions as early as possible. I avoided giving them specific advice about which product to buy, instead directing them to the professionals .. members of PIBA and the IBA. I kept track of the advice they were given, and the products they were sold. If there were any relevant trading standards in the country many of you would be hung from mis-selling in one form or another.
I’m not here to grind any axes, or upset or insult anybody. Simply to say to you, the industry, to look in a mirror if you are looking for the cause of PRSAs failing to take off.
I couldn’t be arsed going into detail, and fully expect to be threatened with stranguled with my IP address. But I would urge you to reflect. There is space in the market for quality products, that are professionally managed, that are tailored by professional intermediaries, that have fair charges and that offer decent returns. Then, you will see a take up, and not before.
Dear intermediaries and insurance companies,
I am not directly involved in the financial services business, but I do some independent consultancy work for a number of life & pension types. A few of them are decent sods, the majority aren’t.
You can blame all the factors in the world for the failure of PRSAs to take off. The reality is that people don’t trust you. Your industry is a pretty unpleasant morass. Despite IFSRAs futile and wasted efforts and your own wailing and moaning about compliance, the industry is miles away from transparency, much less value for money.
I have an MA in Statistics, so I have a reasonable grasp of numbers. By any yardstick, the financial services industry in this country offers damn bad value. Poor products, poor advice, excessive charges and damn all responsibility.
In the past I have encouraged younger friends and associates to get going on pensions as early as possible. I avoided giving them specific advice about which product to buy, instead directing them to the professionals .. members of PIBA and the IBA. I kept track of the advice they were given, and the products they were sold. If there were any relevant trading standards in the country many of you would be hung from mis-selling in one form or another.
I’m not here to grind any axes, or upset or insult anybody. Simply to say to you, the industry, to look in a mirror if you are looking for the cause of PRSAs failing to take off.
I couldn’t be arsed going into detail, and fully expect to be threatened with stranguled with my IP address. But I would urge you to reflect. There is space in the market for quality products, that are professionally managed, that are tailored by professional intermediaries, that have fair charges and that offer decent returns. Then, you will see a take up, and not before.