The problems with personal pensions

The chain of intermediation in equity investment – registrars, custodians, nominees, fund managers, fund of fund managers, asset allocators, trustees, investment consultants, platforms, IFAs, and more – is too long: it costs too much” – Professor John Kay, The Kay Review July 2012 ‘Suitable’ is teasingly left by the Financial Services Authority (FSA) to history to define. The common man may say “a suitable product is one that benefits me more or less in the way I expect it to”. The adviser then has three tasks: – to record what the person wants; why the solution will probably meet tha...