Good morning and welcome to your Morning Briefing for Wednesday 24 November, 2021. To get this in your inbox every morning click here.
New pension scam powers
The government needs to introduce new legislation to help stop pension scams, according to the chair of the Pension Scams Industry Group, Margaret Snowdon.
Speaking at Money Marketing Interactive London yesterday (23 November), she said a huge industry on scams seems to be developing in the wake of the Covid-19 pandemic.
She said when she had warned half a decade ago that billions of pounds would be lost to pension scams, she had been shouted down and told it was nonsense.
However, the numbers are now “staggeringly high, and getting higher”.
Active management in question
Active managers have fallen out of fashion over the past few years due to high fees and questions about performance.
This topic was raised yesterday by Albemarle Street Partners managing director Charlie Parker at Money Marketing Interactive London.
He said: “I’ve worked in this industry for almost 20 years, I’ve known a lot of fund management businesses and what goes inside of them. In my view, they are not always great value for money.”
At Money Marketing Interactive London, St James’s Place director of investments Rob Gardner said: “We have 11 million children in the UK and only a 100,000 have a pension.
“If you invest £5 a day from when they are born they will have £35,000 saved by 10.
“If you then stop saving…