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No NS&I Index Linked Savings Plan this year.


CliveH

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Sadly the very popular NS&I index linked plan where you could place up to £15,000 and be guaranteed 1% above inflation is not to be repeated by National Savings this year. This is a shame because for many, alongside ISA’s this plan suited a lot of people.

 

So given the governments requirement to borrow money – what the hell is the Treasury playing at?

 

My colleague Chris Gilchrist writes in one of the pinks on the reasons why. He does not think the governments short-sightedness is good for individuals or the country.

 

I could not agree more (bit of a long read but worth the time if you are interested):-

 

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“Back in the days when UK governments found it hard to persuade people to buy conventional gilts because inflation was raging, NS&I often rode to the Government’s rescue by attracting billions into its easily accessible, plain-English products. But in recent years, thanks to the credit crunch and its consequences, the Treasury (with a little help from the Bank of England’s QE), has been able to shift enormous quantities of conventional debt at very low interest rates. On top of that, it has also been able to issue new index-linked gilts at rates that undercut even the much-reduced bonuses NS&I used to pay on its index-linked certificates.

 

With all that it mind, the bean-counters at the Treasury have told NS&I they do not need it to raise any new money in 2012/13. Of course, they have to replace maturing products but that is no great challenge in an era of such low interest rates. Indeed, so easy is the target that NS&I told the Sunday Telegraph it was very unlikely to issue a new index-linked cert this year.

 

You might be suspicious about the justification of that “no new money” target. Rightly so. The banks crawling out of their self-inflicted debt morass need to be able to increase the proportion of their loans funded by deposits rather than wholesale funds. They do not need competition from NS&I. So, with a wave of the Treasury wand, they are not getting the competition. But is the Treasury right to sacrifice the needs of individual savers to the needs of banks because the public at large effectively own one and a half of the biggest ones?

 

That could be seen as short-termism gone mad. In fact, it is worse than that. In NS&I, the Government has one of the very few totally trusted and reliable names in the savings industry. If there is one institution capable of creating a long-term savings product that people would buy, it is NS&I. Indeed, it has already blueprinted exactly the product that I predict would be a runaway success and help to restore the nation’s long-term savings habit - a 10-year contractual savings plan with payouts linked to inflation and bonuses on top.

 

This really is a no-brainer product to create and an absolute no-brainer for people to buy. You can see at once that it ought to be part of the savings portfolio of almost anyone in the capital accumulation stage of their lives. Not only is that a no-brainer, so is the notion of having a steady income of billions a year towards the state’s spending needs, without needing to compete with the banks at all.

 

This is one product that only the state can guarantee and that ample evidence says people want to buy.

But that is only the start. Given realistic long-term targets stretching over 10-year terms at least, NS&I could develop many more savings products. Given that it is always going to be competing with banks, there are only a few areas where it could really make a difference. Index-linked is the big one but a long-term contractual savings plan linked to the stockmarket with minimum capital amounts at set future dates is another. This is just an extension of the structured products it already sells but in a form banks are unlikely to develop because they cannot make money from it.

 

How easy it would be for Mr Osborne to set NS&I free. How difficult it is to get any politician or civil servant to look at policy except as defined by the narrowest and most short-term of objectives."

 

-------------------------------------------------------

Indeed – how difficult can it be? How difficult should it be IF you value individuals rather than Banks?

 

Obviously far too difficult for Osborne.

 

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You write about Chris Gilchrist as 'your colleague'. I have in fact come across him professionally at a seminar I once attended but thought that his practice was somewhere near Bristol, if memory serves.

Is he really a 'colleague' or do you use the term very loosely. Just curious as you have always implied that you're down in the New Forest region.
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And you are interested because?

 

I am in the SW region for a lot of professional memberships etc. Chris is part of the Whitchurch Network - an organisation I have little time for - as indeed I have little time for any network - seeing them as a parasites rather than the synergistic organisations they try to portray themselves as.

 

I represented a client in a complaint against his old firm - Churchill Investments - when that complaint went to the FOS. We won - they lost. Complicated case where a Churchill adviser wrongly stated that no IHT existed - but it did. The adviser was wrong to assume that a Trust set up by the Grandfather kept the family home out of the estate of subsequent generations. It didn't. An unexpected IHT bill of nearly £40K was the result.

 

Networks cannot in my opinion be trusted to provide their members with good advice. This was yet another example.

 

I have been directly authorised by the FSA since 2004, tho I have sold my firm to a bigger organisation and just do consultancy work for them now, so technically I myself am no longer - the firm is.

 

So I would disagree with Chris on a huge number of issues - but on this one re the Treasury's ongoing stupidity I agree with his article – as would most if not all Investment Professionals.

 

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I was interested because I've met him and you described him as a 'my colleague' which gives the impression that you have a 'colleague' e.g. someone in your firm, who writes for the pinks and I knew that he was (geographically) nowhere near you.

It would appear that he isn't 'your colleague' but just someone in the same business! A bit like a solicitor in a northern practice trying to puff himself up by saying 'my colleague' the Lord Chancellor!

Not of course that you would ever try to give the impression that you and your firm are bigger and more important than they actually are. I would never think that!

Ps What does 'directly authorised' mean? Is it a qualification? Again, just interested.

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Once again Franny - you never cease to amaze - seeing an opportunity to do somebody down whenever you can.

 

Sad - you are.

 

I do not give a stuff what your definition of "colleague" is - All I will say is that he has presented to us as a group in the past, and that he promotes Networks whereas we are one step above that by being Directly Authorised with no need for a third party between us and the FSA.

 

As someone who is big enough and ugly enough to be directly authorised by the FSA - my feelings are that advisers who are not competent to be truly Independent - by way of charging fees - use the services of one of the Networks.

 

Which means that I report direct to the FSA and am fully independent. Those advisers that are members of networks are "Appointed Representatives" and have to abide by the rules of that Network. Sometimes this means that if the Network selects a "Panel" of providers for, say, pensions - then the advice/recommendation given by their Appointed representatives is not "Whole of Market" based.

 

When I was dealing with Churchill they were with Interdependence. We have the reps from the Networks badgering us for appointments so they can tell us how good they are. We just do not need them.

 

By referring to him as a "colleague" - I was actually being polite.

 

Something that seems to be an entirely alien concept to you I would suggest.

 

Now – do you have a comment on NS&I index linked Bonds – or is this going to be just another of your puerile ponce abouts?

 

Your choice

 

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No need to get upset Clive! I realise that you would never, ever, try to put me down and I'm truly sorry if that's what you think I'm doing.

I was just curious why you seemingly tried to give the impression that the distinguished financial author and journalist Chris Gilchrist was a 'colleague' when in fact your connection with him is pretty tenuous.

But forget all this waffle about networks, what's that do do with anything anyway? 

I'm still also curious as to what 'Directly authorised by the FSA' means. Is it a qualification? And you also say that this only began in 2004 when presumably you were fifty plus. Were you a late starter possibly? I'm really interested in the necessary qualifications for your 'profession'. Is it a profession? I'm not really sure.

Anyway, if posting these long, and for most members, arcane articles gives you pleasure and helps to reinforce your self-esteem, I am very happy for you. More power to your elbow say I! Keep it up old chap! I do hope though that you're not just 'attention seeking' as you accused me of yesterday, without any provocation from me I might add!

I must admit though that I was puzzled when someone asked a direct question about why his pension payments differed from his wife's and you couldn't answer it and actually forgot about a major change in the legislation regarding them. Perhaps you were just having an off day?Never mind though, we all have them don't we?

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Upset is hardly the word – that would indicate some sort of emotional tie between us – which is hardly the case as I consider you to be something akin to that which a proctologist would wipe off his gloved finger after an examination of a patient.

 

So perhaps it is better that you have little idea as to what I think of you.

 

But Sad does sum it up.

 

Puerile comes close too.

 

As for Chris Gilchrist - whatever makes you think he is distinguished ? He is a salesman for a Network.

 

As for what being Directly Authorised means - if you have to ask the question you would not understand the answer - try googling it and looking at the FSA website.

 

The so called Waffle about Networks is actually crucial to your question - but once again you display your ignorance - which is not a problem – I think it good that you give me the opportunity to set out the different types of Financial Advice and varying status of the Advisers people can choose from.

But your trying to dismiss what you cannot understand as "waffle" is a problem for you I would suggest. Indicative of what you suffer from I would suggest as well.

 

As for qualifications - again look at the FSA website.

 

As for the articles on here - they work for me - on many levels - I am happy to continue to do so and get a lot of PM's as a result. Once again - see your comments about my doing this as really rather the antics of a sad and bitter individual. But if they annoy you – then that is just a bonus!

 

As for the pensions comment - I have little knowledge of the administration of the State pension. The changes took place at much the same time as the introduction of Flexible Drawdown and Capped Drawdown together with the scrapping of compulsory annuitisation at age 75. This involved a great deal of due diligence work for clients as they had to be apprised of these important changes.

 

Therefore the change of the weekly OAP from in advance to in arrears via a variable system dependent upon the numbers within your NI number was never going to be high on my memory agenda.

You make of that whatever you wish. but doing so just once again demonstrates the sort of silly vindictive person you are. Really desperate you are!

 

And really sad.

 

I think you need to get out more.

 

Meanwhile once again I invite you to get back on topic and comment on NS&I index linked bonds and the reason why Osborne sees fit to tell NS&I not to release a tranche for 2012.

 

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Dear me Clive, you are getting upset! There's no need to be so rude you know? Perhaps it's time for your first glass?

Your 'colleague' Chris Gilchrist - Looks pretty distinguished to me. What are your qualifications then, you seem loathe to go there?

From the mid-1970s onwards, Chris wrote pieces for most of the UK's national newspapers, including The Daily Telegraph, The Sunday Times and The Daily Mail, writing both on investment and personal finance. In 1982 he founded What Investment magazine and remained there as Editorial Director until 1987.

Chris has contributed to radio and TV, with many appearances on LBC and Radio 4's Moneybox, and TV series on BBC1 (Cashwise) and Channel 4 (Moneyspinners).

Among the publications he has launched and edited are: What Investment, What Finance, What Insurance, The Unit Trust Newsletter, The City Letter, The Traded Option Newsletter, Casebook, More Money, The IRS Report, EveryInvestor and TheShareWeekly.

Chris has written several books on personal finance, including ‘Unit Trusts- what every investor should know’, ‘Personal Financial Planning’, ‘How to plan your life insurance’ and ‘The Sunday Times Guide to Tax-Free Savings’.

 

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Sounds like it is love at first sight.

 

I hope you two will be very happy together.

 

He puts himself about because he is in sales - I have no idea what your excuse is?

 

You really do make me laugh - you just cannot help yourself can you.

 

Anyway - once again - should you have any comment on NS&I inability to release a tranche of funds for a 2012 Index Linked Bond - I am sure we are all ears.

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CliveH - 2012-05-08 2:21 PMSounds like it is love at first sight.I hope you two will be very happy together.He puts himself about because he is in sales - I have no idea what your excuse is?You really do make me laugh - you just cannot help yourself can you.Anyway - once again - should you have any comment on NS&I inability to release a tranche of funds for a 2012 Index Linked Bond - I am sure we are all ears.

I must admit, I did rather like him and he seems a very nice and extremely well qualified man. By the way Clive, you never did mention what your qualifications are to be a 'financial adviser'. Come on, there's a good chap, don't be modest. Surely just anyone can't ask the FSA to authorise them? Or can they?

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No you have to have the full Financial Planning Certificate (I do) and if you want to advise on Trusts you need the old G10 qualifications (I do) and Occupational pension work you need G60 (I do).

 

These older style exams have been superseded by the new CII examinations - details of which can be found alongside a wealth of information that you seem unable or unwilling to research.

 

http://en.wikipedia.org/wiki/Independent_Financial_Adviser

 

So do me a favour Franny - take your head out of your backside and stop trying to be clever and start learning. You will be a better person for it, tho in truth I doubt your ability to be either.

 

Too busy having a "dig" at others must leave you little time for anything else Franny.

 

I also have a 2:1 in Microbiology from way way back but was so bored with Lab work I joined the marketing team of Beecham Pharmaceuticals and did the Institute of Marketing diploma. I was a Member of the Institute of Biology but let that lapse. Similarly I was a member of the Life Insurance Institute but I let that lapse as well. Some of these Institutes are like rather odd clubs – not really my scene but some liked the ability to have accomadation in town. I never needed it.

 

I then worked for Fleetwood on a contract which will mean something to those in the NHS - and I then went fully Independent after 4 years with the NHSPS in house AVC provider.

 

My CPD file is overflowing and sometimes I wonder why I am thinking of retiring as I am enjoying myself so much. Even pulling your plonker Franny has its own wicked little pleasure. I think it is because you are so gullible and never stop to think what an arse you make yourself look.

So there you have it fanny!

 

I doubt you will do us the honour of sharing what you have achieved – but then again I like surprises.

 

So surprise me. Willy waiving is not really my bag – but the Wiki link will give you an idea as well as info about Networks and those of us Directly Authorised.

 

But on a serious note are you ever going to make a contribution that is on topic Fanny? – I am all a quiver in anticipation of your insightful post on the Treasury and why it is not going to release a tranche of funds for a 2012 Index Linked bond? Or are you content just to follow me around puppy like, content to live in my shadow ?

 

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Flipping 'eck Clive, all that and you still can't spell accommodation, or work out the difference between waving and waiving. Very odd!

First in English Lit (Pembroke, Cambridge). Inspired by a brilliant teacher at my school I had originally intended to teach but university knocked that out of me. I then read Law at Manchester but only managed a 2:1 mainly because I was too busy enjoying myself! Did you know that fifty per cent of lawyers obtained degrees in other subjects before switching to law?

I love my job and unlike you I haven't flitted around (or perhaps you just kept getting found out?). ;-)

Anyway, I'm not the slightest bit interested in NS&I index linked plans but just wanted to prick your utter pomposity in writing about your 'colleague' who writes for the pinks! ;-)  And I must say it's been great fun watching you getting all upset and bitter! Perhaps in future you'll think twice before making nasty little comments about me in threads that I'm not even in. Just remember, the next time you decide to try to impress everyone with how important and terribly clever you are, I'll be waiting in the wings! ;-) 

Now go away and have a couple of glasses of wine to calm you down, assuming of course that you haven't already started!

Ps You should be grateful that I've posted in this boring thread as, up to now, no one else seems to give toss!



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I will take that as a no then?

 

Glad yo did not go into teaching - believe me you would be no good at that whatsoever.

 

And yes I did know that many Lawyers did other degrees before moving to law - most likely because the employment prospects for an Eng Lit Grad are not that bright but there are some.

 

The graduate with a Science degree asks, "Why does it work?"

The graduate with an Engineering degree asks, "How does it work?"

The graduate with an Accounting degree asks, "How much will itcost?"

The graduate with an English Lit degree asks, "Do you want mustard with that?"

 

All I can say is that you must be a very odd legal bod if you can spend all this time winding up people on a caravan MH and camping forum! I suspect you are a paralegal with time on his hands?

 

Or perhaps they have WiFi at your MacDonalds

 

And no Fanny - i do not want Mustard with that (Damn but my spelling is awful!)

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CliveH - 2012-05-08 4:37 PMI will take that as a no then?Glad yo did not go into teaching - believe me you would be no good at that whatsoever. And yes I did know that many Lawyers did other degrees before moving to law - most likely because the employment prospects for an Eng Lit Grad are not that bright but there are some.The graduate with a Science degree asks, "Why does it work?"The graduate with an Engineering degree asks, "How does it work?"The graduate with an Accounting degree asks, "How much will itcost?"The graduate with an English Lit degree asks, "Do you want mustard with that?"All I can say is that you must be a very odd legal bod if you can spend all this time winding up people on a caravan MH and camping forum! I suspect you are a paralegal with time on his hands? Or perhaps they have WiFi at your MacDonaldsAnd no Fanny - i do not want Mustard with that (Damn but my spelling is awful!)

Actually I'm not working today! As I said I only do three days a week now. Winding down with lots of holidays too. One must get one's priorities right.

But anyway Clive, chill out old boy. Can't you see when you're being wound up? Now stop being pompous, stop feeling the need to impress everyone on here with how clever you are and best of all, open a bottle of your favourite plonk! You know it makes sense!

It does make me wonder though why you feel the need to keep posting these cut and paste financial articles on a forum such as this if it's not to say "Look at me, I'm CliveH and I'm really very clever you know - can't spell for toffee but I really am clever, honest!"
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knight of the road - 2012-05-08 4:42 PMcan you two please kiss and make up?

Yes Malcolm, the minute he stops his obsession with me and refrains from having a pop at me in threads that I'm not even contributing to. The minute he desists from insults as he did yesterday when I mentioned that there were people on this forum who object to safety labels. He was wrong there (again) and I posted him the link to prove it.

So it's easy. CliveH stops his little vendetta and I'll stop pointing out what a pompous and mendacious little twerp he is!

Simples, as some would say! ;-)

Anyway, I hope that you are bearing up, your determination not to let your illness defeat you is an inspiration.
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That last bit really does sum you up Fanny.

 

As for my posts - well apart from Malc above - you are the only one who sees fit to have a pop at me for posting them! And now bereft of anything meaningful - you resort to my spelling abilities which we all know is carp.

 

I would suggest that as these posts of mine do you no harm whatsoever - your attention seeking is such that you are angry that I do such a thing! I believe you are such a control freak - that you just have to "own the Forum" and try to bully others away from it so you can in some bizarre way "win". True Troll behaviour and hardly "normal".

 

The fact that many such threads have evolved into some really good discussions on financial matters is beyond your ability to see straight.

 

I do what I do because I am semi retired. I also do a joint session at the local CAB with a Solicitor from Coffin Mew in Southampton. And believe me as someone who is authorised to deal with pension Sharing Orders and liaises with Solicitors in this area on a regular basis - I doubt you are any sort of Legal eagle at all - tho you might be a Paralegal of some sort.

 

So tell me - Form P - how would you use it?

 

 

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Proofs if proof were needed.

 

For some reason my posting financial stuff that may be of interest has upset a child mind that is Fanny

 

He thinks my posting such stuff is sufficient for him to say:-

 

"So it's easy. CliveH stops his little vendetta and I'll stop pointing out what a pompous and mendacious little twerp he is!"

 

And yet looking back the post Fanny starts off with picks on an irrelevant point in that I quote another IFA as a colleague - Fanny sees a chance to wind things up and off we go:-

 

I quote -

 

"You write about Chris Gilchrist as 'your colleague'. I have in fact come across him professionally at a seminar I once attended but thought that his practice was somewhere near Bristol, if memory serves.

 

Is he really a 'colleague' or do you use the term very loosely. Just curious as you have always implied that you're down in the New Forest region.

 

 

Edited by francisgraham 2012-05-08 10:11 AM"

 

Again the agenda Fanny has is clearly shown by this post. He thinks how can Clive know someone from Bristol? - He is obviously using all the intellect and geographical knowledge he can from his home in Cheshire to work out that Bristol and Bath are no more than an hour and a bit away up the A36. But then I am allowed to travel freely so I know this – Perhaps Fanny’s travel is restricted.

 

I suspect he will only be happy when he and only he inhabits this forum.

 

Troll

 

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CliveH - 2012-05-08 5:14 PMThat last bit really does sum you up Fanny.As for my posts - well apart from Malc above - you are the only one who sees fit to have a pop at me for posting them! And now bereft of anything meaningful - you resort to my spelling abilities which we all know is carp.I would suggest that as these posts of mine do you no harm whatsoever - your attention seeking is such that you are angry that I do such a thing! I believe you are such a control freak - that you just have to "own the Forum" and try to bully others away from it so you can in some bizarre way "win". True Troll behaviour and hardly "normal".The fact that many such threads have evolved into some really good discussions on financial matters is beyond your ability to see straight.I do what I do because I am semi retired. I also do a joint session at the local CAB with a Solicitor from Coffin Mew in Southampton. And believe me as someone who is authorised to deal with pension Sharing Orders and liaises with Solicitors in this area on a regular basis - I doubt you are any sort of Legal eagle at all - tho you might be a Paralegal of some sort. So tell me - Form P - how would you use it?

Which one? Pension enquiry form? I'd pass it to one of the other sixteen partners whose speciality it is.

And as for your other psycho babble, I just enjoy winding you up occasionally because your obsession with me gets boring! As for owning the forum, that's odd as I participate in a tiny number of posts!

Anyway, I shall leave you to it as duty calls and I'm off out for the evening. I know you love the last word so the floor is yours.

Enjoy, but watch the vino or you'll start rambling again.

Oh and by the way you moron, I didn't suggest that you didn't know Chris Gilchrist but did ask how he can be your 'colleague' when he's in Bath or (where ever he is) and your firm is in the Hampshire region. You should start reading posts more carefully! And it was a question, not a statement.

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antony1969 - 2012-05-08 5:17 PM

 

frances , any chance I can change that name of your's from yesterday to Boring Attention Seeker ? . :-D

Antony,

Show some respect please its a well known fact in the building trade that roofers are rather simple and fick and not as clever as plumbers.

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francisgraham - 2012-05-08 5:37 PM
antony1969 - 2012-05-08 5:17 PMfrances , any chance I can change that name of your's from yesterday to Boring Attention Seeker ? . :-D

 

Of course you can aunt. I don't really care what you do. You're irrelevant. ;-)
You cared yesterday , what happened ?
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Guest pelmetman

Blimey Francis has been busy with the jolly old Google 8-) ..........

 

Must be a quiet time for ambulance chasing :D

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