A report in leading industry newspaper, Financial Adviser, has said that LAWYER and former PIA Ombudsman Adam Samuel, has blamed the financial services industry regulator for the endowment shortfalls crisis.
The stance is that the risks have not be made clear enough to the public.
Our view
Utter "codswallop" yet again! We love that word! Everybody is to blame!
The regulator - for not forcing the industry to make the rules clear enough. LAWYERS (similar to Mr Samuel) who drafted the complex insurance contracts in the first place!
The public - for not monitoring and reviewing their finances every year - a one year shortfall is alot smaller than one that they have let build up for years. Insurers and financial advisers for selling products for commissions and not necessarily always for the benefit of the client.
The Government for not managing the economy. Company Directors for not ensuring that their companies are performing well meaning that investment performance is down.
Speculators playing with the Investment market. Oil companies, terrorists, the French ( they are bound to be in their somewhere) and Swiss referees!
The botton line is we all must share some responsibility. Even the Swiss ref. who made the fund manager unhappy for his next day of work and the endowments fund value went down because he chose the wrong shares has some responsibility!