Financial advisers have announced that they will be bailing out naïve investors to the tune of £20 million this year. Advisers will be finding this money, at short notice, from the profits they have generated and paying it into a fund, called the FSCS, which helps those who have been the subject of bad advice in the past. This year, good advisers are making extra payments to compensate investors who were naïve enough to move their money into Self Invested Personal Pensions, and then give the money to crooks who promised returns which most would have considered to be too good to be true. Mark Neale, chief executive of FSCS, said “It’s an honour and privilege for me to be able to work with financial advisers who so generously divert some of their hard earned profits to help those who have been subject to mis-selling, particularly as they also pay for the body which is supposed to prevent this behaviour, known as the FCA. I commend them for not only finding so much money for those who were so easily parted with their savings by criminals, but for coming up with the money so quickly.”
Of course this isn’t a real press release. But isn’t it the sort of press release FSCS should be putting out? Those of us who remain in business, doing a good job, deserve a pat on the back sometimes. Well done everyone!