So why do we have a stereotypical older person telling viewers what a Sipp is? It might have been slightly more useful for them to say more than “It is a self-invested personal pension”. I digress.
While, sadly, this programme would not exactly be ground-breaking to many of us in the industry – we are all aware this happens – there was one stand out issue that troubled me.
At the end of the programme, it was announced that neither the Department for Work & Pensions, the Pensions Regulator, the Treasury or the FCA were available for comment.
Surely something that is so blatantly a scam should be addressed as soon as possible in an attempt to stop this from happening again in the future? Fair enough if they are not allowed to comment on individual cases, but they should be at least reassuring people that they are taking action.
We need the regulators and lawmakers for reassurance, but when they will not comment on something like this, it is cause for concern. Advisers rely on the regulator to keep on top of the industry and help with their image, so the least that can be done is a short sentence to reassure the 3m or so viewers that qualified financial advisers are not the bad guys.
For those of you who didn’t get round to watching the programme, despite my personal views, I would still recommend trying to find it on whichever form of catch-up TV channel you use. It’s worth it just to see what your clients are being told by our apparently trustworthy BBC.
I should also shamelessly add that a great way to help prove to your clients what a brilliant adviser you are is to enter the Money Management Financial Planner Awards. Everything is now live and ready for you to enter online at mmawards.co.uk. As well as impressing your clients, you are also eligible to bag £5,000.
