Will there be a mis-selling scandal over final salary pension advice?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 21 June 2019

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Two-thirds of savers are being told to abandon final salary pensions - and this is despite the Financial Conduct Authority saying that advisers should start with the standpoint this is not a suitable option.

That revelation arrived this week as the FCA said too much advice on valuable pensions is 'still not of an acceptable standard.'

Are people getting the right advice about their gold-plated pensions, or are they right to jump ship? That's the question tackled by editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost this week.

Meanwhile, a reader discovers an old Post Office Savings Bank book from the 1960s – but what is it worth now and can you even take the money out.

Premium bonds – how do you really find out you've won the jackpot?

Britain has a net zero emissions target for 2050, but what are the best electric cars to buy now?

And forget fantasy football, we reveal the details of our fantasy share picking game where the winner will scoop a giant £20,000 grand prize.

Transcript

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0:00.0	Welcome to This is Money in partnership with NS&I. I'm Georgie Frost and joining editor Simon Lambert and I today is assistant editor Lee Boyce.
0:09.0	And coming up, sleepwalking into a mega misselling scandal, a saver's getting the right advice about final salary pensions.
0:17.1	Also today, hidden treasure from shillings to pounds.
0:20.2	A reader discovers an old post office savings bank book from in the 60s. But what's it worth now and can you even take the money out? Also, premium bonds, how do you really find out you've won the jackpot? Britain has a net zero emissions target for 2050, but what are the best electric cars to buy now?
0:39.0	And forget fantasy football.
0:43.7	This Is Money have a far better game for you to play that could bag you 20 grand.
0:44.9	Don't forget you to date.
0:49.9	With all the latest breaking money news, just go to this ismoney.com.uk or download the app.
0:52.0	This is Money.
0:58.2	Brought to you in partnership with NS and I, giving your little ones a head start with our junior ISA.
1:06.1	But first, there is deep and growing concern about the financial advice around final salary pensions.
1:12.6	Two-thirds of savers are being told to abandon them, despite the fact that the standpoint from which advisors are meant to start is that this is not suitable.
1:17.2	Now, despite repeatedly making this clear and strengthening the rules on transfers, the
1:21.6	FCA says too much advice is still not of an acceptable standard.
1:26.1	However, in response, the influential MP, Frank
1:28.4	Field, warned it's the watchdogs themselves who are sleepwalking into another mega misselling
1:34.2	scandal. So first, a quick explainer, if you would. Final salary, why are they so good? Why are they
1:43.9	called golden and all that, Simon?
1:46.3	Well, to indulge in a little piece of pensions jargon for a minute,
1:51.4	I hope that all of our listeners will forgive me.
1:54.4	And I hope that you'll forgive me too, George.
1:55.9	Yes, yes, you're allowed, Simon.
	...

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