Video ID:
8877
Job Number:
6871
Meta
Description:
Peter Carter, Billy Burrows, Paul Beardmore and Garry Kershaw take part in the Metlife, Capacity for Loss roundtable.
Bookmarks:
0|Capacity for loss
49|Enough capital growth?
451|People living longer
672|Risk
908|Considering Risk
1355|Income
1689|A key factor in retirement
Duration:
00:32:59
Recorded Date:
12 December 2012
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Transcript:
Presenter: Hello and welcome to this MetLife Roundtable Discussion on retirement planning and capacity for loss. I'm Mark Colegate and I'm joined by an expert panel - let’s meet them. They are Peter Carter, Product Marketing Director at MetLife; Billy Burrows, retirement income expert and Director of the Better Retirement Group; Paul Beardmore, he’s a client of Billy’s, he’s coming up to retirement so for him these are issues that are very much about practice, not theory; and Gary Kershaw, Group Compliance Director at SimplyBiz. Well, that’s our panel. We've got a lot to get through so let’s jump straight in.
Peter Carter, if I could come to you first, fundamentally is there enough capital growth around for people to provide a decent income in retirement for the long term?
Peter Carter: That’s a very apposite question. I think the issue really is that there aren’t enough people saving enough for retirement at the moment, and that’s been a problem for quite some time. But really for people who are actually at the point of retirement, then it’s a bit of a moot point! You know, they have to make decisions about the income that they're going to take and they need to understand what the options are.
Presenter: Okay. Billy Burrows, it’s an issue fundamentally about not saving enough, is it? Just basically we have a graph here of what the FTSE’s been doing in the last few years.
Billy Burrows: Well, that’s right, I mean people haven’t been saving enough, but I think there’s a much bigger issue, which is people are probably not making the best of what they’ve got at retirement. And one of the things that I'm passionate about is helping people make the best of what they’ve got by making the right decisions.
Presenter: Paul Beardmore, what’s your take on it: is there enough capital growth around to provide an income in retirement?
Paul Beardmore: Well capital growth is the long term thing that we all would have liked to have had in the past, and we haven’t got at the moment. I think basically the problem for somebody like me, you're in a kind of twilight zone now where you’ve got a certain amount of benefits which are potential, where you want to grow those over a short period of time, if you can, and you don’t want to lose any if you can possibly achieve that. So it’s really this business of balancing and working out how you progress from near pension to pensionable age.
Presenter: Thank you for that. And Gary Kershaw, what are the sort of business issues or the compliance issues for financial advisers around this whole area?
Gary Kershaw: I mean people are living longer, and therefore I think they're underestimating the amount of money that they will need to spend in retirement, and therefore, you know, what’s actually happening, there’s less advisers in the industry to give them the necessary advice that they need as well – there’s a big pension gap. The regulator themselves, as part of the pension switching review, emphasised particularly important some regular reviews for pensions, keeping clients up to date, keeping their contribution levels up to an amount that would meet their target, but the reality is there are just fewer advisers and therefore there are fewer clients out there that are actually in receipt of advice as well.
Presenter: Well lots of issues there to jump through. Now, Paul, if I could come to you again, because everybody else on the panel is in the industry and I guess you're the client, could you tell us a little bit more about your own circumstances? Don’t get into sort of great personal, levels of personal details, but what are your own?
Paul Beardmore: I would imagine probably fairly typical. I mean I had several career breaks in my life, moving from one sort of job to another. This of course brings with it pension breaks, so I have little bits of pensions from various sources. The bulk of my working life was spent as an independent of one sort or another, either on pure freelance or on contract work. There you’ve got to try and work out your own pension scheme and contribute to it through thick and thin. And through the thin times it’s very hard to do so, which is one of the reasons why people don’t have big pots, is because they simply couldn’t.
Well, since the 1980s certainly, the concept of being in the same job for a long time ticking up pension benefits just hasn’t been a reality for a lot of people. So you find yourself at this point with a collection of potential benefits. If you're lucky you’ve got something else as well. You might have a property or you might have some asset that has come down to you through the family - that’s all very welcome as well. But you essentially find yourself with a variety of potential items that you can use in your pension, and the key to this question is how can you put those together to assure yourself a reasonable future?
Presenter: And for you, is retirement a sudden date, or is it a process that takes place over a few years?
Paul Beardmore: Well, very much a process, but the key question I think for anybody is retire from what? If you actually do something that you quite enjoy doing, why would you want to retire anyway? So part of the equation is indeed the possibility of being able to carry on working either at the same thing or in a similar sort of field, which if you like dovetails with retirement, but I think that is a very key point for a lot of people, and certainly for me, I actually don’t want to retire because I quite like what I'm doing in my life at the moment. So the question is really how do I dovetail my various income sources to make it into a reasonable life prospect for me? I mean clearly you don’t know when you're going to die, so.
Presenter: Okay, well let’s not be too macabre on this, Paul. Thank you very much for that. Billy Burrows, is Paul a fairly typical client for you, or is he an outlier, in terms of attitude?
Billy Burrows: Well, yes, I mean Paul’s quite typical, and one of the things that Paul has articulated is something really interesting, which I call this transition into retirement. You know, a lot of people see this, and the media in particular see this as you retire on a certain date and have to shop around for the best annuity, but in reality most people transition into retirement, and we all know about the so called B&Q generation who retire from full time work and go and have part time work; we know about professionals who retire as being a partner in a practice and then go and do some consultancy. So that means that there’s not only a change in lifestyle, but there’s also a change in one’s personal finance, and good advice I think is dovetailing that personal transition into retirement with the need obviously for income and greater security with assets.
Peter Carter: I think that’s the really important point, because we've seen the sort of end of the traditional retirement really. I mean there are people maybe in the public sector who still have pensions that come in at a specific date and they can retire fully, but generally speaking now, the point that’s been raised by both Paul and Billy, you know, there isn’t for most people a traditional retirement. One of the mechanisms to close the savings gap, the retirement gap, is to carry on working, and the increase in longevity that we've seen over the past 20 or 30 years can be made easier. You know, rather than retiring at 65 and maybe dying at 77 as you would have done in the ’60s and ’70s, people now are working into their 70s, and so the time that they need the full retirement income is shortened, because they’ve worked that much longer, and of course they’ve had extra time to save and extra income to supplement any retirement income that they may have had.
Presenter: Billy, if I could bring you in here, if people are living longer, how does that change what they need income for in retirement?
Billy Burrows: Well I mean put bluntly, you know, people have to ensure that they don’t run out of income in the future. And for most people, the problem is that they're almost sort of they're damned if they do and they're damned if they don’t, you know, they're damned if they buy an annuity because the rates are so low, you know, potentially damned with drawdown because markets are volatile. We've seen the problem with recently with drawdown people seeing their funds depreciate. So of course the answer – and I think back to this transition – is for a lot of people it’s actually getting a balance between insuring against longevity and at the same time getting asset growth and flexibility.
Presenter: Okay. I wanted to sort of run through on what’s the journey from building up, accumulating assets through the whole process of decumulation and some of the products you could pick. So fundamentally as we look at your investment pot, should we have confidence in the investment markets? Peter Carter, what's your take on that, given recent experience? I’ll bring that graph up again of the FTSE.
Peter Carter: I think it’s a really important point, because the stock markets over the longer term have given very good returns, but it’s still a very bumpy ride for people. And that’s why the whole issue around capacity for loss is so important, because knowing that you should be invested in asset backed investments like the stock market is one thing, but feeling confident about it is something completely different. And that’s why the issue of capacity for loss has to be addressed, clients need to understand, and that then pushes them in different directions. If they’ve got a higher capacity for loss then they can take more risk, but if they haven’t, they need to think a little bit more carefully about the risk that they do take, both in the accumulation phase, before they actually get to take their retirement, and when they start taking income.
Presenter: What can you do, I mean we saw that chart, the volatility, it would be lovely if you captured the upside but avoided the downside, what can insurance companies do to protect a pot if the underlying markets aren’t helping you?
Peter Carter: Well, that’s a very good question. I mean there are numbers of solutions that are out there that look to protect the clients from the downside whilst still offering them the potential for growth in markets. The one that we particularly market, unit linked guarantees as we call them, offers clients a kind of investment in equity markets with a balance of other things as well, but with an underpin either on their capital or on the amount of income that we will give them over a period of time, so that they know exactly what they're going to get back. So it kind of gives them more certainty in the outcomes that they're likely to experience.
I think that’s important because the transition that people have gone through over the past 30 years with the move from defined benefit to defined contribution schemes means that all of the risk of retirement planning now falls on individuals in defined contribution schemes, and it’s very difficult for individuals to manage some of the risks that are out there. And I think it’s really up to insurance companies to do that risk management for them, and that’s what insurance companies have done for the last 200-300 years is manage risk, whether it be the risk of dying too soon or in terms of annuities living too long. So I think that’s really where the insurance piece comes in is providing more certainty and helping individual investors to manage risk.
Presenter: So when you're looking at your own circumstances, but how do you work out what risk you're prepared to take in exchange for whatever your financial goals happen to be?
Paul Beardmore: Well this is a very interesting thing. I mean throughout my life I always thought I was a reasonably cautious investor. When I came up to looking at my pension, I did all these lovely questionnaires that the industry throws at you and found that I was at the high end of risk acceptance, which was surprising to me. But I think how you work it out - really you have to go back to your own experience, because the key thing about the whole of financial planning is the unpredictability of it, the basic unpredictability of it. So of course insurance of various kinds, insurance in the broadest sense, need to be part of your play, but it’s a risk not to take any risk, because you'll just end up with the mattress syndrome, your money stuffed in a mattress and doing nothing, so you’ve got to somehow balance those.
Peter Carter: I think that’s a really important point that there is, there’s no no risk solution. You think you may be not taking risk, but as you retreat from one risk, maybe equity investment risk, and go into say a fixed annuity for example, all of a sudden inflation risk then pops up. And so really the crucial thing that individuals need to kind of understand is what are the risks they are prepared to take and what are the risks they aren’t prepared to take, and balance those out - I think that’s the key issue.
Billy Burrows: I think you’ve both hit the nail on the head, because I talk about the so called risk paradox, and to me it’s as a client people will say look, I don’t want to take any risk so I think putting my money in the bank or putting it into an annuity is taking no risk, but of course you're exposed. And a good way of explaining this to clients is to say that at retirement you're facing five big unknowns. You don’t know how long you're going to live, we've already talked about increased life expectancy; you don’t know what’s going to happen with equity prices, interest rates; you don’t know what’s going to happen to inflation; and your health.
So the problem is that if you put all of your money into one basket or into one country, then you run the risk of getting it wrong, but if you spread your investments, whether they are investments or whether they're retirement products, over a basket, you probably end up being in a much better place.
Presenter: Gary?
Gary Kershaw: Yeah I mean we started off this part of the debate talking about guaranteed products, and Peter obviously talks about, you know, the higher the particular but, you know, going back 10 or 15 years, many people believe with profits to be a guaranteed solution, and they were always, you know, and it was always they had bonuses each year and there’s only ever an upward curve. And obviously 2002 the introduction of MVRs, and some MVRs were quite substantial, you know, they were double digits, they weren’t single digits, and that wiped a lot of confidence I think out of the marketplace for the investors. And I think it came as a shock to most advisers, who had been in regular contact with their clients and had been showing them growth year on year, and then suddenly having to talk about a pot of money that has this market value reduction applied, and therefore there was no, those products, even though they were often sold as guaranteed, they were never, there was never any guarantee with them. Whereas what we do see now in the marketplace, particularly for people who are approaching that key date when they need to take benefits or when that money becomes crucial to them, we are seeing a lot of innovation around guaranteed products, and Peter’s organisation’s obviously one that brings that to the fore.
Presenter: I mean the FSA is very hot on the concept of capacity for loss; they’ve issued papers on it; is that, in your eyes, the most valuable way of considering risk when advisers are talking to their clients, what you can afford to lose, is that the best starting point?
Peter Carter: I think it’s got to be a key starting point for it, because attitude to risk and capacity for loss are, they're flipsides of the same coin from one perspective. Clients can be quite gung ho in their view of putting money aside, but they can really only afford to take a certain level of risk if they’ve got a cushion, if they know that if they were to lose a substantial part of their investment, their standard of living wouldn’t be affected. So if you're in that circumstance of having a cushion, having the capacity to take loss, it gives you additional options, but if you're not then an adviser needs to know that, and equally needs to challenge their client to say have you really thought this through, what are your circumstances, what income must you have, and then take the conversation from there. So be challenging I think is a thing for advisers to look to with their clients.
Presenter: Billy, how, I ask about your relationship with Paul, when you're talking to Paul about risk and capacity for loss, how do you know that you're actually having the same conversation?
Billy Burrows: Well, I mean I treat all customers broadly the same, and we've developed over the last 15 years these, what I call, three golden rules of retirement. The first golden rule – that it’s just occurred to me actually it’s a variation on the capacity for loss – the first golden rule is that a client should generally have sufficient guaranteed income in place so that if your plans go wrong that you’ve got sufficient income to maintain your lifestyle.
Presenter: Can I ask, guarantee, is that with a big G, as an absolute guarantee, or it’s a pretty safe income resource?
Billy Burrows: I could rephrase that and say secure income, and by secure income I'm really talking about the state -
Presenter: Because we've got compliance on the panel, so we've got to be careful here.
Billy Burrows: Let’s start again. I think there are three golden rules of retirement. One, clients should have sufficient secure income at retirement so if their plans go wrong, the investment linked plans go wrong, they're not seeing a reduction in their lifestyle. Secondly, they do need to understand the risk, but not just at the superficial level, but really understanding what the risk means, and thirdly you need to understand what the options are. And if you get those three rules right, then you're in the right place. So, back to your question, if we’re talking the same language, then hopefully we will end up with the right answer.
Presenter: Well we've actually got some research here from MetLife on capacity for loss, and Gary could I get your thoughts on this? It’s obviously a very complicated subject between the adviser and the client, but this is how the majority of advisers are using risk profilers in their general conversations. I'm just thinking from a compliance point of view, do you think that’s job well done for the industry, or are we?
Gary Kershaw: Well, I think the whole phrase capacity for loss came out of a couple of pieces of thematic work that the FSA did around pension switching, and one around risk tolerance, and what people were doing in establishing risk. I think one of the key miscommunicated messages that there have been historically, and I'm thinking back to 2002 when we had a 50% drop in markets as a result of events in America, I think what investors didn’t realise at that time that if you lose 50%, if you’ve got £10,000 and that goes down by 50% to £5,000, it actually needs to grow by 100% for it to return to where it was, the starting point, so it’s not a pure science. And that’s why I think capacity for loss came in, because the Regulator wanted clients to understand that better, that a 10% loss to recover is not a 10% gain, there needs to be greater growth than loss to recover you to the same position.
So they wanted to see that explained with greater clarity, and therefore they introduced a requirement I suppose, not just for you to establish whether somebody is balanced, cautious, aggressive, but also where is their tolerance, where would they feel comfortable in terms of money that they might lose, you know, and they would recognise there will be fluctuation, but what is their tolerance in terms of the potential for what they could lose.
Peter Carter: And I think that here, it’s a very important point to get across, is that there’s no one particular tool that an adviser is going to use to make a determination about a client. So we’re going to look at a risk, an attitude to risk questionnaire; we’re probably going to look at some questions on capacity for loss; there’s going to be a general conversation and the adviser is going to get to know their client more than you can really ever get from these type of questionnaires. Try and get under their skin, try and get a feel for the type of things they want. And it is quite a complex process; it’s not just mechanistic.
Gary Kershaw: And age plays a big part of it, age and period of investment. I'd certainly with regards to the output with the pension switching review, one of the key concerns that the FSA have, that clients were actually being moved into higher risk strategies in terms of investment within short time periods before they were due to draw their benefits, and that was of great concern to them. And it was one of the reasons that they focused on the introduction of this, because generally if the key date is arriving and the shorter it gets, your actual risk is, or the amount of risk that you're going to be willing to take, should really get less, because you’ve got the key focus of that date. And that wasn’t apparent.
So age was a key driver behind that, and one of the real concerns, and there was a focus on the more, you know, on the 50-something as part of the pension switching review, and the key findings were that undue risks were being taken with people’s pension pots really.
Billy Burrows: And just to add to that, of course, you know, in drawdown it is age specific, because if you get into your 70s and you're fully invested and there’s a stock market crash, then a) you haven’t got enough time sometimes to make the losses up and secondly you're at a stage in life where as a client you actually don’t want to be taking all the emotional risk that goes with it.
Gary Kershaw: Yeah, I mean historically at retirement you had two or three choices. One was to go into drawdown; one was to buy an annuity; and the other one might be that you buy some unit linked or some investment backed annuity. The reality is that probably the most ideal solution is a combination of them all. I like the comment you made about the secure income, because that should be your first port of call, you know, buy an annuity, fix some security about the income. But certainly people with reasonable sized pots, I don’t think that from a compliance perspective looking at the level of advice that people receive at retirement, I'm not sure whether enough’s being done to sort of take into account annuity rates, the low interest rates, and really spreading the risk across the different product lines.
Presenter: Well that’s a good point. I just want to bring this chart up here. This shows what’s been happening to income over the last few years. Peter, what’s your take on this?
Peter Carter: I think this is a really important element, and I think the idea that one product is suitable for clients throughout their retirement is going to have to change, and 30 years ago you could buy an annuity at 60, your life expectancy was 15 years, you got a reasonably good rate, everything seemed fine. You do that same thing today and with a life expectancy of thirty years and falling yields on fixed income assets, and you get a very, very much reduced income. So one of the issues is maybe is buying an annuity something that you should do at a later date, and then the implication of that is what do you do for income in advance of that?
So deferring the purchase of an annuity may be a good thing to buy it when they're possibly better value at an older age, but still individuals are going to want some security of income in the run up to that, and I think that’s where some of these new products, like the ones that we offer, really come into their own, because they give the security of a guaranteed level of income but still access to the pot that you can then maybe do other things later on. Particularly if circumstances change, because as Billy pointed out earlier on, there are a number of risks, health risk is a clear one that people often face as they get older, and to have continued flexibility in the retirement products that you’ve bought is a huge advantage.
Gary Kershaw: Yeah, I mean if you look at that chart and you look at the way that annuity rates have fallen, take the scenario where you’ve got £100,000 to secure your retirement income. If you go down the annuity route, you're going to get less than 4%, you know, whereas if you had the choice, I mean I know there’s tax relief with pension contribution, but it gives you an indication of why people have been put off saving in pensions and using alternatives, because there are products out there, and the MetLife product being one, that will give them a 5% guaranteed income for twenty years - which on the face of it is a lot better deal than what annuities are at the moment.
Presenter: Billy, we talked a lot about capacity for loss, how does the capacity for loss discussion impact on, we've talked about it really in terms of building up your pension pot, but what about when you start to think about the level of income that’s sustainable?
Billy Burrows: Well it’s really one of the most fundamentally important things to discuss. I think as an adviser it’s important to have an advice process, and I now talk about the three pillars of advice. The first pillar of advice is making sure that a client understands the key issues and the options; the second pillar is actually presenting in a format you can understand the options; and then the third element is actually making a recommendation. But back to this first pillar, what is the advantage of advice, and one of the advantages of advice is I can get you as a customer to take a longer term view.
Now let me give you a practical example. What I say to clients is let’s assume that we take a particular course of action today, either you buy an annuity or you invest your money in a fund. Now let’s project ourselves forward let’s say five years to the future, and we’re looking back, and in five years’ time I'm saying if the stock market has crashed 50%, how are you feeling about the decision we’re making today? And if you say well actually we’re investing in something today that actually protects about that possibility, that is a good outcome, and of course that links into the capacity for loss. Equally, if we’re talking about an annuity, I might say suppose we buy a guaranteed annuity at low rates today, five years’ time inflation’s increased, interest rates have increased, are you looking back and saying I think actually I was a bit of a Charlie buying an annuity at low rates, you know, especially when Billy said I actually could invest in something that’s got flexibility.
So I think the key message for me is that the more we can get people to think about the longer term and the consequences, the better, the more robust will be the advice.
Gary Kershaw: Yeah, I mean the Regulator doesn’t make any distinction as to when capacity for loss should be a consideration, whether it be in the accumulation stage or the decumulation stage. It’s just perhaps a different conversation that you have. Because at decumulation stage, factoring things like inflation which will have an impact on the real rate of return that you're getting from the income producing asset that you may have purchased, so there’s no, you know. Capacity of loss is a discussion that must be had at all times, whether it be accumulation, decumulation, because it’s going to have a major impact on the spending power of that client throughout their lifetime.
Peter Carter: I think the important thing here is that capacity for loss does kind of change. If you’ve got someone who’s in a job, working and they're getting a reasonable income, then their ability to withstand losses on their investments will be different from someone who’s on a fixed income and relies on maybe dividend yields or whatever from that income. So it’s a kind of conversation that you need to have today with a client, maybe when they're working, but also project forward, what will your capacity for loss be when you come to take an income, that may be a different answer.
Presenter: Well, Peter, if I could ask, because we’re coming to the end of our time here, I just want to pull this little chart up from some work that you did, but why does it make sense for advisers to build capacity for loss right into the heart of their business proposition for clients?
Peter Carter: Well I think it gives advisers a really good signpost to the type of solutions that investors are going to want. And the more, if a client has a very low capacity for loss, that is going to tend towards products that offer clients security and guarantees, and so you need to know what the answer is there in order to make that recommendation.
Presenter: Billy, anything to add to that?
Billy Burrows: Yes, I mean we can get sometimes confused about all of these different terminologies, and if we bring it right back and be customer centric, the most important thing we can do is look at providing the best outcome for people like Paul, and of course central to achieving that best outcome is to understand the capacity for loss.
Presenter: And from the adviser’s point of view, Paul, I want to come to you in a second but just before I do, Gary, what are the downsides if you don’t, or potential downsides if you don’t build it in? I notice that if we just move onto this other chart here, there’s a lot of advisers who aren’t entirely, they think capacity for loss is important, but they're not entirely sure what the FSA means by it.
Gary Kershaw: Well, in 2002 and 2008, most finance advisers were dreading the phone ringing, because they knew that the conversation they were going to have with their clients was one that was probably around the fact that investments had loss. If they had a sound process for establishing capacity of loss with each and every client then, they would have greater belief and greater confidence in the discussions that they have with their customers. And that’s one thing that has been introduced, and I'm really surprised that those figures are, because I think capacity for loss has been something that’s been very prominent in the Regulator’s feedback about the various themed reviews that it did, and it does surprise me a little bit. But I think capacity for loss is something for them as well as the client, because it needs to obviously underpin what they're doing. It needs to give them the confidence that they are providing the right solutions, and it needs to underpin that solution that they're actually giving to their customers.
Peter Carter: Well, and this is one of the reasons why we focused on the capacity for loss campaign, because the work we did suggested that there wasn’t enough information out there for advisers to get a really good handle on capacity for loss, and so we've done this campaign with a toolkit and questionnaires, sales material that advisers can use with clients directly to help the client understand what the issues are around capacity for loss. So this is our little bit to help in that understanding.
Presenter: Well, we’re almost out of time, so I want a final thought from everybody on this whole topic of retirement planning and capacity for loss. Peter, so if you could leave one thought with people, what would it be?
Peter Carter: Well I think it’s that you will get better solutions for clients if you fully understand both their circumstances, their attitude to risk, and their capacity for loss - that will be key to getting the right solution.
Presenter: Billy?
Billy Burrows: With low interest rates at the moment, the most important question to clients is what is their capacity for taking extra risk with their pension pots in order to end up in a better place, and a central part of that is their capacity to take that loss.
Presenter: Gary?
Gary Kershaw: My thought would be even in the decumulation stage as an advisor, make sure that you bottom out capacity for loss, get the right solution for your client’s needs.
Presenter: Okay, and last and most importantly of all, the client, Paul Beardmore, what’s your thought?
Paul Beardmore: Well it must be part of your equation. It’s got to be in there somewhere because you want to protect some sort of income for the future. But I think you will always be looking for some way of spreading your potential for getting a better income, the capacity to loss is in there but it’s not the lot.
Presenter: Gentlemen, we have to leave it there, thank you, and thank you very much for watching, and from all of us here, goodbye for now.
Information and opinions contained in this interview have been arrived at by MetLife UK and participant. MetLife UK and participant and Asset.tv Ltd. accept no liability for any loss arising from the use here of nor make any representation as to their accuracy or completeness.
Any underlying research of analysis has been procured by MetLife UK and participant for its own purposes and may have been acted on by MetLife UK and participant or an associate for its or their own purposes. MetLife UK and participant is authorised and regulated by the Financial Services Authority.
Information and opinions contained in this interview have been arrived at by Better Retirement Group. Better Retirement Group and Asset.tv Ltd. accept no liability for any loss arising from the use here of nor make any representation as to their accuracy or completeness.
Any underlying research of analysis has been procured by Better Retirement Group for its own purposes and may have been acted on by Better Retirement Group or an associate for its or their own purposes. Better Retirement Group is authorised and regulated by the Financial Services Authority.
Information and opinions contained in this interview have been arrived at by SimplyBiz. SimplyBiz and Asset.tv Ltd. accept no liability for any loss arising from the use here of nor make any representation as to their accuracy or completeness.
Any underlying research of analysis has been procured by SimplyBiz for its own purposes and may have been acted on by SimplyBiz or an associate for its or their own purposes. SimplyBiz is authorised and regulated by the Financial Services Authority.
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