In March 2014, City regulator the Financial Conduct Authority (FCA) announced a major investigation into the plight of customers with £Ms locked in 'closed funds'.
The FCA wants to ensure that around 30 million people trapped in these deals don’t get unfair treatment and aren’t 'fobbed off' simply because their original insurer no longer exists.
Today, these old funds often still incurr charges as high as 6 per cent, poor performance, outdated terms and conditions, and dreadful service.
These old funds and insurance companies have often been taken over several times. Fund managers move on and they can become neglected.
Does this sound familiar to you?
If you have old pensions or investments that have not been professionally reviewed for several years......It could be costing you dearly.
I can review, advise and recommend as appropriate to your needs......and the sooner the better.
The money put into these old funds (often Managed Funds)— invested in a mixture of shares, fixed interest and property. Managed funds were a popular choice 15 years ago, as it meant investors got a good spread of investments.
But some of these older funds have performed poorly. The financial environment has changed dramatically in recent years and it requires ongoing management to keep abreast of the changing economical landscape that is constantly impacted by global events and political intervention.
There are some excellent actively managed funds available today and I can choose from the whole market to recommend the right funds for you.
Obviously in addition to all of this are the new tax rules. You are advised to have independent financial advice before making any decisions. Please use the contact form or call me to request a free in depth budget review and/or a free initial consultation.
Though investment performance and charges play a part, the two most important factors when saving for retirement are how much you pay in and how long you save for. Start saving at age 22 instead of age 25 and you’ll increase your pay-out by around 20%, thanks to compound interest, but delay your starting point from 25 to 35 and you’ll end up with around 50% less.
If You are approaching retirement and thinking about your new
options see my October Blog
07580 099 079 or
0113 457 4791
Peter C Hart Dip PFS & Cert CII
Independent Financial Advisor
7 Feast Field,
Or use our contact form.
Life has so many surprises it's best to be prepared and have a partner you can count on. Please contact me to advise of your needs.
Yorkshire Wealth Management Ltd
which is authorised and regulated by the
Financial Conduct Authority no.767418