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Conference 2013: What Robert Peston thinks about the RDR

by Rachael Revesz on Jan 10, 2013 at 12:06

Conference 2013: What Robert Peston thinks about the RDR

BBC News business editor Robert Peston, the man who made his name reporting on the depths of the financial crisis in 2008, is optimistic about 2013 claiming a 1% growth rate was realistic and said equities looked favourable compared to bonds.

Speaking at New Model Adviser® conference, Peston said he took the view in 2008 that the UK would grow about 1% a year for a decade, which was not achieved, but said he was sticking with this forecast as an average result for the next ten years.

Peston (pictured) said he was in favour of the transparency the retail distribution review (RDR) would bring and the fact it would reduce mis-selling.

However, he said that as a policy it was at odds with the government’s theory of behavioural economics, which meant constructing things in a way which persuades rather than forces people to act, like having to opt out of auto-enrolment.

‘Behavioural economics would tell you that if it looks like you’re getting a free product, you’re more likely to buy it,’ he said. ‘So it’s plainly the case that greater transparency for what you’re paying will undoubtedly put people off, which is not necessarily a good thing for this country when saving in the long term is way too low.’

Peston said that he was still concerned about several macro issues including the hard landing in China, the Eurozone crisis and banks’ high levels of borrowing.

‘In Europe, 80% of finance is provided by weak banks, whereas in the US it’s only 20%, with investors contributing more to companies and households,’ he said. ‘Banks in Europe remain chronically short of capital.’

He said that banks make up 200% of GDP in Europe and only 75% of US GDP.

Peston said that a possible downgrade of the UK’s AAA rating would not have a ‘dramatic effect’ as was seen in the US, and that he was not a pessimist on the UK's future.

‘Although we talk about austerity and austerity is real, nonetheless, in terms of the public sector, it could have been a hell of a lot worse,’ he said.

50 comments so far. Why not have your say?

Annoymous

Jan 10, 2013 at 12:46

I have always felt this man is offering opinion with nothing to support his credibility. Its sort of a show and I definitely have no respect for the person at all - hence why annoymous

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Mike Hardy

Jan 10, 2013 at 12:56

Thank you Jeremy Vine

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Mike Hardy

Jan 10, 2013 at 13:01

I wonder what Robert thinks about Sants Knighthood.

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PAUL WOOLLEY

Jan 10, 2013 at 13:04

Anon, if you have a value comment then put your name to it. Peston is not really qualified like we are he is a journo. and the remarks should be taken as such. This need not make them all totally wrong.

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Barman

Jan 10, 2013 at 13:04

@ Mike Hardy - He probably doesnt care - like most of the people on this earth.

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Jonnieb666 via mobile

Jan 10, 2013 at 13:09

I have serious reservations about comments from journalists as they frequently offer opinion which the public perceive as fact and then act accordingly. These same journalists would criticise an IFA for making recommendations without conducting significant research and due diligence. If these journalists wish to offer their opinion they should be authorised and regulated and required to pay the same fees as any adviser as their opinion reaches and influences millions if people so the potential for mass panic and misbuying is significant. Is it not one of the regulatory statutory objectives to ensure confidence in financial services? I am sure I read that somewhere whilst studying all of the modules to attain level 4!

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Julian Stevens

Jan 10, 2013 at 13:11

Hmmm. AC may go some way to reducing over-charging practices but, for as long as outfits like SJP are allowed (by the FSA/FCA) to continue working to the same old bog-standard 3 + ½% for everything, regardless of the sum to be invested, any improvement on this front is likely to be patchy at best.

Given that indemnity commission has been allowed to remain on pure protection products, there'll be no change here as a result of the RDR.

As for transparency (a current buzz word with which I'm heartily fed up, not least because the regulator's own practices and financial management are, to the outside world, about as clear as mud), I anticipate only limited improivements on this front. Is the average client likely, really, to understand and appreciate the difference between 3 + ½% commission and the same level of AC? I wonder.

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Polfers

Jan 10, 2013 at 13:13

I would concur with Robert Peston’s views here entirely. Unfortunately, the simple fact is that despite the priority of "consumer Outcomes", everything, to quote Mr Wilde, is driven by the maxim of "the price of everything and the value of nothing". The disconnect in thinking here is staggering.

This spectacularly short sighted approach will wreak its havoc on society in due course and the tax payer will yet again ending up having to foot the bill when savings rates ultimately decay again as a result, and the homeless count in retirement rockets. Similarly, people won’t bother as much with Life Assurance or Income Protection, because the illustrations now focus so heavily on how much in premiums they will pay over 25 years, rather than the intrinsic value of the protection concerned.

You pays you money...

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Fully informed

Jan 10, 2013 at 13:18

Jonnieb666

Stupid comment - he is an opinion formaer and should be taken seriously. He is not an adviser to individuals or companies and he makes money by offering opinion not advice. Grow up and talk about something serious.

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Reido

Jan 10, 2013 at 13:22

He is a journo and he has expressed the views of the middle gound in relation to growth etc, however, when anything does go wrong he does always express disgust and over emphasises the negatives and the general public do believe him.

Personally I find him very irritating!!

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Irritable Vowels

Jan 10, 2013 at 13:23

My father (who was shortlisted for a job that finally went to Alexandre Lamfalussy in 1994) thought "The what?" about RDR when I asked him at Christmas.

And "Annonymous" must be as irritated as me by everything.

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Mike Hardy

Jan 10, 2013 at 13:35

I like Robert. I read his book "Who Runs Britain" and thoroughly enjoyed it. Other books are available!

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Jonnieb666 via mobile

Jan 10, 2013 at 13:38

@fullyinformed

Clearly U find my opinion of no value as I do yours. This is the democratic world we live in. I am very "grown up" as u so eloquently put it and don't need advice from someone like u but thanks for your stupid opinion!

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j p

Jan 10, 2013 at 13:47

It is hard to argue with his opinion that transparency comes at a price and that the RDR is at odds with the rest of the Government's approach vis a vis behavioural economics.

Very reasonable and astute commentary IMO

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Hickky

Jan 10, 2013 at 14:04

If only everyone was charging 3+1/2 prior to RDR. I have seen 7+1 often. RDR will undoubtably reduce fees for most and it will make fees and charges slightly more transparent. However until fund management groups are made to disclose what the total of their charges were paid out of any particular fund to themselves and other transactional fees, having compiled their figures on a year on year basis in arrears, we will not have full transparancy. With companies that use a white labled platform, disclosure should also be shown on the additional cost of the white labled service against the platform's standard fees for firms of similar funds under management.

We must get to the bottom of the fee debate and unless a level playing field is adopted, clients will still have the wool pulled over their eyes.

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Fully informed

Jan 10, 2013 at 14:21

Jonnieb666 ifyou are so grown up why do you use the letter U instead of the word? think on sonny

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Belmarsh Solitary

Jan 10, 2013 at 14:23

Transparency? Go to Wikipedia.org/Einstein_field_equations. 10 equations explaining the theory of relativity. Completely transparent. Got that? Great! Now let's look at your Cofunds account - bundled, unbundled, explicit, self-directed? Plat form charge, adviser charge, fund manager charge, TER - all understood? Completely transparent! Let's go up a level now, and look at your 5-tranche AXA/Winterthur drawdown contract...completely trans...what do you mean, pub?

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Julian Stevens

Jan 10, 2013 at 14:27

7% initial must be from Bonds (mainly), of which I've written none for a good 10 years now, except a few offshore ones in Trust. In most cases, I suggest, onshore bonds are chosen for one reason above all others.

Then again, as I've posted before, the FSA has in large measure flunked the switch to AC in place of commission, simply by allowing intermediaries to continue to work on a standard percentage basis. An investment of £100K rarely, if ever, warrants twice the intermediary remuneration of an investment of £50K.

As for really unearthing all the elements of just what fund management companies charge, I agree.

And when is CityWire going to suppress these cursed pop-ups?

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Jonnieb666 via mobile

Jan 10, 2013 at 14:35

@fullyinformed

Because clowns like u seem to have trouble with big words & joined up writing. Now why don't u be a good little boy and behave & less of this senseless behaviour. You're starting to come across like a pathetic troll! I'm done with it! I have better things to do than waste my time with self opinionated retards!

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Tony_Laverick

Jan 10, 2013 at 14:39

So, apart from the danger of predictions, what has he said that isn't right?

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Fully informed

Jan 10, 2013 at 14:44

not sure anyone can accurately predict growth figures. is it more than guessing?

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P Rich

Jan 10, 2013 at 15:00

Actually I think he's absolutely right, people do need persuaded and the fact they have a perceived view that they are paying for advice now (even though they always have) may put some people off.

The exact same way in which pension sales reduced when commission was reduced on them as the majority of people did not actively go out and buy a pension they were advised or "persuaded" to take one out, even though this was beneficial to both the customer, adviser and the government.

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Bert Poppins via mobile

Jan 10, 2013 at 15:03

Rather than discount due to him being a journo, surely we should view him as a buyer of services and therefore his view is as important as any client. In terms of his opinion on the economy, then as an academic economist and with access to almost unparalleled intellectual source, I would suggest his view is as informed as any one on here!

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Reido

Jan 10, 2013 at 15:21

Bert, I do agree his view is as informed as anyone else on here as we all source our information from the same places.

However,this clown has built a reputation not in giving opinion, (as he is in this instance mearly sitting on the fence), but waiting for any news which he can then sensationalise, then report to millions of people, "I told you so!", as a self promotor of truth and justice.

My goodness an afternoon rant, bring back the mulled wine.

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CW IFA

Jan 10, 2013 at 15:26

I don't like Robert Peston any more or less than the other journo's in the owrld but I have to agree with at least one of his comments....some people will definitely be put off by AC, behaviourial economics does play a part in what people do!

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Richard Williams

Jan 10, 2013 at 16:13

@Julian Stevens - I baulk when I hear the sanctimonius "I haven't done any onshore bonds for 10 years" holier than thou attitude. Perhaps you would like to explain to Mrs Watkins my 72 year old evening call why her asset allocated, risk adjusted, regularly rebalanced & transparent ISA has not outperformed her opaque, non-tax-efficient Pru with-profits bond over the last 7 years?

Or perhaps you would like to tell my client next monday that her LV bond is currently protected under CRAG whilst her ISA portfolio is open to be pilfered by the local authority.

And as to the doubling of fees on 100k vs 50k, you only have to look at the recent ridicilous FOS decisions having an impact on PI costs to realise that your liabilities rise with your Funds under management.

So please take care when dismounting your high horse,....

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Julian Stevens

Jan 10, 2013 at 16:43

Points taken. I have, in fact, recently defended With Profits as an investment medium for the provision of a regular income stream so there are certain circumstances in which I might still recommend a WP Bond. In view of their dire administration, whether or not I could bring myself to recommend the Prudential is another matter. Then again, L&G, probably the next choice, are almost as bad.

As for the issue of doubling the intermediation charge for an investment of £100K vs. £50K, yes, one's liability is greater in respect of a larger investment, but not by such a large margin as to warrant doubling one's initial charge.

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Johnny H via mobile

Jan 10, 2013 at 16:48

@ Richard Williams. Bravo young man, excellent points well made. @ Julian Stevens I take it that you offer "restricted advice", if you are not considering a bond!?

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John Whipple

Jan 10, 2013 at 16:53

So Black and White, he has his eye above most of the herd there is no doubt.

1% growth, equities over Bonds - visionary there is no doubt.

Not so much a mere reporter but a repeater of the highest degree?

.

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Ian Lees

Jan 10, 2013 at 18:08

Sensible easy to understand and effective report. Mr Peston wanted to inform us how we offer the business of "service",in the UK plc, and the result of banks like Northern Rock and RBS have been over selling loans - and may have got rid of a few. However, whislt bank shares are returning - the service from banks is appalling. The Bank of Scotland has highlighted that any business with less than £ " Million turnover is " a micro business " - and will not provide any support or service . WHere is Vince when he is needed ?

In St Albans after much outcry about the unsuitability of Railfreight teminal being built 0- Mr Pickles has allowed it to go through with Berkhampsted MP Ann Main. Clearly the sale of such a deal is the result of the hope of Governemtn that it may bring more work and jobs to this already over populated area - which lacks roads, infrastructure and sufficient waste pipes for toilets. Interestingly there are other sites available - but not in Ann Mains constituency ( who lives outside St Albans and is bussed in as required.

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Chris Moseley

Jan 11, 2013 at 10:14

Makes a nice change from his usual doom and gloom, the end is nigh rhetoric.

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Julian Stevens

Jan 11, 2013 at 10:39

To Johnnie H ~ See my comment just before yours appeared. We also recommend offshore investment bonds for certain applications. Perhaps I should have said that we generally don't recommend onshore bonds as a growth-only alternative to collectives.

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Dogg via mobile

Jan 11, 2013 at 11:20

Its such a shame that financial advisors have gone from being reasonably respected professionals to the levels of respect akin to a traffic warden in the space of 4 years.

That's what happens when glorified sales people get pathetic little qualifications that a monkey could acquire in 6 months with little effort.

And the suggestion that level 4 will bring financial advisors into line with solicitors and accountants is frankly hilarious.

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Usually found sitting on the fence

Jan 11, 2013 at 11:48

Perhaps Dogg would be so good as to pop back to this thread in 6 months to confirm that Dogg has achieved success in the appropriate qualifications...

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MR C.

Jan 11, 2013 at 15:02

That's a bit of an ill-informed generalization Dogg.

BTW what line of business are you in?

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Mike Hardy

Jan 11, 2013 at 15:14

@MR C

Probably security

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Fully informed

Jan 11, 2013 at 15:21

re Dogg, not comedy that's for sure

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David IFA

Jan 11, 2013 at 17:06

I strenuously made the point to MP's and that moved on moron Hoban when the TSC were meeting MP's that the losers would be 70% of clients who would not or could not pay for advice. My client area being rural is lower paid than the average. This is the downfall of RDR. The average man/woman in the street is left with nowhere to go other than moneyadvice. As a professional which we are imagine if your doctor said to you i cannot treat you unless you pay me for my services. This would have been debated more publicly, and RDR should have been too.

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lawman via mobile

Jan 11, 2013 at 18:33

Having completed my level 4, while studying for an MSc in Hydrogeology, considering the advisor job (I've since finished and changed career) was just to bring a wage in, Dogg isn't far wrong. Its not difficult. And the image has been tarnished dramatically.

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NeilG via mobile

Jan 13, 2013 at 08:47

@DavidIFA - we DO pay for doctors' treatment. It's called Income Tax & National Insurance Contributions and the NHS!!!

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Ian Lees

Jan 13, 2013 at 09:53

It is interesting that the tax and National Insurance we pay, is diverted through Government - via Managers of NHS Trusts, diverting the essential cash required to keep a stable and efficient NHS - and it is interesting that these Trusts are effectively Bankrupt - but we the consumer pays £ 4-00 in car park fees at hospitals - minimum to all i.e visitors nurses and doctors., - to see elderly or ill patients ( patients who were probably in good health before entering - these dirty establishments - as cleaning is . . . ." outsourced" to family and friends, as they say at B.T. - of the tarnished e.g group 4s - NHS computer systems etc., etc., ). How much of these hospitals have been sold off ? Once again the poor and the vulnerabl are over paying for restricted services ! Perhaps they should follow the example of Sir Hector Sants - with regard to " Treating Patients Fairly !?! - or just treating them correctly, or effectivel, or efficiently. This is not the result of the great doctors and nurses - and those commited to caring for patients - it is the reckless MP's - who refuse to act with integrity - or logic - or on behlaf of their voting public.

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Usually found sitting on the fence

Jan 14, 2013 at 09:48

@ Lawman - You and Dogg miss the point. Can either of you explain how the image and or respect has been tarnished? The main problem is that RDR and the FSA approach to it was one of pushing it through, regardless of the damage. The FSA themselves believed that it would remove 30% of advisers and when pressed they were unable to confirm it would see the removal of the advisers that were bringing the profession into disrepute. Whether you believe the qualification is easy or not, the commitment to engage in passing the exams and to finance the adventure and/or to be fulltime employed during the process helps to demonstrate their dedication. The piece of paper that says they're qualified, is much like most qualifications in the real world, they demonstrate an underlying intelligence/commitment, it's up to the individual to demonstrate the application. But IFAs did not want the FSA to introduce this, they wanted the FSA to weed out the bad, to regulate the bigger firms that mass sold, they wanted fund managers to be held to account on propmotional literature, they wanted commissions to be monitored (not necessarily capped) so that apparently excessive commissions were investigated and wrong doers punished... They wanted a regulator, they got an ill informed dictator.

@NeilG - We do not pay for doctors' treatment. we pay to finance the health service and to benefit from the health service when in need. The point DavidIFA was making (relating to RDR) is that if the NHS was changed so that we paid for what we used up front and not through taxes and NI? If your doctor charged £15 for an appointment, if your hospital charged £150 for an x-ray, if your specialist consultant charged £4500 to identify whether you did have or did not have what your GP things may or may not be causing your bad back/neck/knee... A change like this would have been debated to the n-th degree.

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CW IFA

Jan 14, 2013 at 10:09

@ Usually found sitting on the fence...good points well made!

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David IFA

Jan 14, 2013 at 10:26

@NeilG. Last night my 80 year old mum was admitted to our main/local NHS hospital in emergency with suspected stroke. This was at 11am. At 3am this morning she was still in a cubicle. The doctor explained to me and my father that there were no beds and the delay was due to having to move other patients to make room.

IS THIS THE LEVEL OF SERVICE YOU WANT FOR 70% OF THE POPULATION FOR FINANCIAL SERVICES. Because this is what you have now got. It has happened. Wake up and smell the coffee! The hospital in question is being targeted for cutbacks. It is now a case of those that can pay get the service & those that can,t have been left totally isolated.

Oh and by the way both my parents started work when they were 15 and retired at 65. They paid Tax & NI all their working lives. They were the backbone of building this country & yes it makes me angry that all parties from all political sides are letting them down when they need help.

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Banged to Rights

Jan 14, 2013 at 11:13

@ David Sorry to hear that news.

If you consider all that is happening to the NHS it is slowly drip, drip, drip being turned into a cash cow for certain corporates. today we here that they are going to be free of paying tax as well.

This started with Nu Labour and continues now - and do't think E Milliband and co. would do anything other than continue the regime.

Eugenics never gone away William Beveridge, who argued that those with 'general defects' should be denied not only the vote, but 'civil freedom and fatherhood'.

Diametrically opposed to Hitler ? Look around look up, look left ,look right for your own security of course.

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Julian Stevens

Jan 14, 2013 at 12:00

"The FSA themselves believed that it [the RDR] would remove 30% of advisers".

At his appearance before the TSC in March 2011, Hector Sants stated the FSA's estimate of the (RI) fall-out rate as a result of the RDR was between 8 and 13% which, of course, is very much less than 30%. From where did the 30% figure come?

Elsewhere, an attrition figure of 35,500 over the year past has been reported, though that particular article doesn't make clear if this is made up of advisers and principals.

For what my opinion may be worth, I don't think the core elements of the RDR are, of themselves, the reason for so many advisers leaving the industry. I think it's more the way in which the FSA has constantly added to and emebellished the original requirements (making it up as it goes along), imposed the requirements of the RDR, refused to negotiate on pretty well anything (e.g. its totally unreasonable stance on commission from legacy products) and all the other stuff with which we're constantly being assaulted, not least issues such as KeyData, ArchCru and denial of the longstop.

It all adds up to the prejudicial agenda that Hector Sants told the TSC back in March 2011 that the FSA doesn't have. More and more advisers have simply had more than they're prepared to take and who can blame them?

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Usually found sitting on the fence

Jan 14, 2013 at 12:59

@ Julian Stevens - I was trying to think back to the individual within the FSA that made this statement and where I read it, but alas cannot remember. I remember that the 8 - 13% was the official figure, but was sure I had seen post Sants that a higher figure around 30% claimed or mooted, perhaps I have confused fact with comment.

Either way my point still holds. RDR has neither made or ruined financial services as a profession. To add to this, many elements of RDR make sense (which I agree with you about), but the overall project of RDR, in my opinion, has created a very costly exercise for many businesses and all for little benefit to most (potential) clients. Limits on commission would be my preference, but I am not so daft to realise that there would need to be more than just that. Something someone said years ago that stuck with me, they said they would happily pay 50% commission, providing this was only applied to growth/profit and not the whole fund... Good for the client, not so sure good for the adviser!!

I don't think the FSA had an agenda, but given recent events and the financial crisis, it is hard to argue that some within the FSA certainly had a less than noble agenda towards IFAs and smaller advice firms.

Apologies for the 30% above, I was annoyed by the comment and responded in haste. If it comes back to me, I will update accordingly!!

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Hickky

Jan 14, 2013 at 13:10

@ David

Like BTR I wish your mum well. However was she seen promptly and administered treatment when on a trolly? Lets hope so. She may be waiting for a bed in the HD ward for continuing monitoring, as strokes are all so different in causes and outcomes.

I was in hospital for 7 days in December, and can say the treatment was first class, however they are so institutionalised that many decisions and medical practices were odd to say the least.

The driving force behind most hospital administrators is not to get blamed for anything, therefore this attitude is rampant. It defies logic sometimes, howerer during my stay I could identify over £10,000 unnecissary plumbing work undertakes just so a hospital employed (or subcontracted) plumber was able to isolate a handwashing basin without getting a screwdriver. This meant 3 additional lever isolating valves were fitted to every basin in the ward (15). The existing screwdriver operated valves worked fine, and there were lever operated valves fitted to the services in the ceiling, but needed a ladder (shock horror) for access.

Given the new lever valves are not to be operated by ward staff and are hidden behind panelling, and are only to be operated by the plumbing staff, this is a total waste of money, but done in case a trained employss cuts themselves with a screwdeiver, in a hospital, near the best treatment.

Nursing decisions were often incomprehensable, but it is comforting to note that every night the staff had pleanty of time to look at facebook, their texts etc, and the amount of pinging and phone calls on private mobiles were impressive. Whenever I passed the nurses station, someone speedily turned off their internet browser, this is anytime, day or night. Mind you if you ordered toast for breakfast, you got bread. Then someone else from a different part of catering picked up the bread and toasted it. The reason, the original person who delivered bread was not approved and trained to operate a toaster. Mind you, the staff had a toaster in their staff room for themselves, but were not allowed to toast bread for their patients.

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David IFA

Jan 14, 2013 at 14:36

Thanks Hickky & BTR for your good wishes. To reply i can only commend the paramedics and the front line hospital staff. The medics were present within 3 minutes of my telephone call-fantastic. The hospital drs were as good. I feel for them because they have not got the tools to deliver the service ie beds. Google today the front page headlines of the Northern echo local newspaper and you will see what i mean. It will shock.

I would liken the medics and drs now to the IFA. You want to give the service as you did in the past but the tools are lacking. I would compare the hospital management to the FSA . Completely out of touch with reality as to what happens at the coal face.

Have to go its visiting time.

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Ian Lees

Jan 14, 2013 at 18:55

The NHS is excellant ! It is the Governemtn who have diverted the cash to be washed through Governemtn and their " officials " sometimes referred to as " NHS Trusts" - who are incompetaent in managing, lacking in knowledge - and we have seen hospitals sold off to the " private sector ". We have seen education treated in the same way - with school playing fields sold off to privcate enterprises - and education reduced to the lowest of levels. To accommodate this the police forces have been reduced - so that overwhelming demands on their time mean they cannot pursue or arrest fraudulent MPs' or their colleagues in crime e.g MP's expenses. More recently we have seen the FSA hector sants oversee the reduction in Independent Financial Advice - ahead of what the cynical may call the most extreme scam by PM's and MP's yet ? By reducing IFA' means less - ability for checking on the Government scams eg The Governemtn allowed the purchase of banks to reduce the competition in banking - whilst the FSA ( and hector sants ) allowed banks ( as lenders ) to lend ( after consultation with their own in house economists and business strategists - and tame lawyers) - to lend excessive amounts of property loans to individuals the banks knew could not afford to repay. This at a time when property was being purchased as a result of the last of the baby boomers - coming through - inflating property prices. Next stage in the bankers charter -Repossessions e.g USA ! Permitted by the Bankof England, The FSA and the Government. NOw - after the FSA has reduced the numbers of IFA's - the Governemtn is hell bent on introducing " Auto Enrolment ", ( following Nest and Stakeholder pensions. Forced pension savings the added tax burden as a result of regular negligence by Labour and COnservatives through the DECADES ? The state pension age - now anywhere between age 66 for women and . . . . the cost of the nationalised pension scheme " Auto Enrolment " - with costs of some £ 3 M - endorsed by Dragons and apprentices - even Hitler didi not force pension contributions on the Nation !

The cost to employees currently 1% the maximum is as yet unknown ! Remember the Window Tax ? The Governemtn is misleading the elctorate - not by stealth - but by LIES ! Damm Lies - and statistics - the meddling and massoaging of figures e.g employment , Police numbers , The Debt of UK Plc. But worse - banks as llenders have been fined by hector ( After some negotiation ) - then hector gets knighted " for his efforts, - his deceit and his incompetence " - by Her Majesty - then the banks are back in business collecting " Auto Enrolment " e.g LloydsTSB and their whoolly owned subsidiary little -scottish widows, as " unauthorised introducers to " Clerical Medical " - who are authorised - but do not exist as a company. Now where are those nice people from the FSA ? How do they explain this service from LloydsTSB Group ? That is " treating cusotmers fairly " under conservative government - and fsa - that is why in my opinion hector sants has been knighted - it is for covering up the fraud the deceit and the decepotion of conservative Gvernment . ( read more on twitter

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