Eddie Hobbs: “It is hard not to see this a race between the Central Bank study and a series of blowouts in the marketplace.”

Caveat emptor: Financial dark pools, junk bonds and the curious art of financial advice

From offshore schemes to unregulated funds, financial advisers are always looking for a new scheme to peddle. Given some of the products on offer, it is hard not to see this as a race between the Central Bank and a series of blowouts in the marketplace.

4th Feb, 2020 -9 min read

Eddie Hobbs

Financial consultant

When Prime Minister Thatcher’s 1986 Financial Services Act allowed workers the freedom to opt out of Defined Benefit pension schemes in favour of personal pensions, the subsequent mis-selling free-for-all drained UK financial firms of £11.8bn in compulsory compensation payoffs. It was a whole lot of money back then. Fast forward to 2020 and the UK financial regulator is rolling out the gibbet again following studies which flowed from the 2015 deregulation of UK pension options at retirement, a deregulation that mirrors Minister Charlie McCreevy’s here in 1999.

The Financial Conduct Authority (FCA) estimates that 69% of the 235,000 people who sought...

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