I must admit to smiling at a recent headline that read ’It’s a Dave new world’. Maybe this is something to do with an old girlfriend of mine who christened her car Dave and was always banging on about riding him around the streets of Bournemouth with her top down.
Of course, the headline was about the new Prime Minister. But now the hard work starts and it will be interesting to see how the Conservative and Liberal Democrat coalition will work and the impact it will have on the financial services industry.
Some of the first news to filter out was that despite pre-election warnings the Financial Services Authority is likely to survive.
I imagine this will disappoint a few advisers but it seems chancellor George Osborne has been forced to water down plans to hand over banking supervision to the Bank of England.
In the pensions arena the impact of the coalition could have some serious implications if the parties clash, but despite some potential conflicts there seems to be plenty of agreement in the parties’ manifesto policy pledges.
Let’s hope this ensures consumers get access to advice to ensure they have a happy retirement. But to do this, trust needs to be restored in retirement savings and this will only happen if consumers making provisions for their latter years are not penalised through means testing.
So let’s not forget the part brokers can play, as changes in the political climate provide a good opportunity for them to communicate with their clients.