The entire finance business is corrupt in Ireland
Mary O'Dea's reply about the Financial Regulator's investigation was really weak. Along the lines of "We wrote to the institutions and asked them if they mis-sell. They wrote back and told us they don't. But it was the Chief Executives of the institutions that wrote back, don't you know. So that's alright then."
I think that financial advisors should be mandated to document all investment advice.
Mary O'Dea's reply about the Financial Regulator's investigation was really weak. Along the lines of "We wrote to the institutions and asked them if they mis-sell. They wrote back and told us they don't. But it was the Chief Executives of the institutions that wrote back, don't you know. So that's alright then."
Wow!! Mind-blowing, come back Endowment Mortgages all is forgiven.It can be viewed (with Real Player) [broken link removed] — bottom right, entitled 'Mature investments'.
...Fully Independent Financial Advisor
Perhaps the regulator could re-jig titles as follows:
I think this would better reflect the real level of "advice" that can be offered by all categories whom all try to currently use the term "advisor".
- Insurance/Investment Sales Person
- Limited Choice Insurance/Investment Sales Person
- Fully Indpendent Financial Advisor
Does anyone else think that this could make a difference?
Can I ask are financial 'advisors' in this country part of any professional body with their own ethical and professional standards apart from what the regulator says is right or wrong. For example, I am a CFA charterholder and I would be struck off if that was me shown in last nights film. An accountant would probably face action from their body, a solicitor from the law society and a doctor from the medical council. What penalty do the individuals pay for their part in dodgy practices? Maybe I am wrong and they do face consequences but I haven't heard of them.
As for the institutions, they will not take this matter seriously until a campaign of name and shame starts and they start facing reputational risk. They will quiet happily pay fines as long as their names don't get mentioned.
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