LIMERICK about FSA 'guarantees' - Ros Altmann

    Ros is a leading authority on later life issues, including pensions,
    social care and retirement policy. Numerous major awards have recognised
    her work to demystify finance and make pensions work better for people.
    She was the UK Pensions Minister from 2015 – 16 and is a member
    of the House of Lords where she sits as Baroness Altmann of Tottenham.

  • Ros Altmann

    Ros Altmann

    LIMERICK about FSA ‘guarantees’

    LIMERICK about FSA ‘guarantees’

    LIMERICK about FSA ‘guarantees’

    by Dr. Ros Altmann

    (All material on this page is subject to copyright and must not be reproduced without the author’s permission.)

    Parliament decided one day
    To create a Regulator – the great FSA
    Which would fine financial firms
    Who used unfair terms
    Or promoted products in some careless way.

    This regulator had powers to fear
    Forcing compensation, costing companies dear
    On any product providers
    Or financial advisers
    Who failed to make risk warnings clear.

    The FSA decided to publish information
    Giving occupational pension education
    It produced booklets in series
    To answer members’ queries
    When worried about their scheme’s situation

    What if my firm might go bust?
    Was a question that many discussed
    Do I need to transfer out?
    Could my pension be worth nowt?
    And where is advice I can trust?

    They read the FSA booklets for free
    And some leaflets from the DWP
    Which said ‘Never mind ‘low-risk’
    Your pensions are ‘no-risk’
    They’re safe and provide a guarantee’

    So their confidence was duly restored
    And the members were all reassured
    Told by Government and FSA
    That company pensions were OK
    Their futures were surely secured.

    Then along came some members of ASW
    Saying ‘Excuse me, we don’t want to trouble you.
    But these guarantees are a con
    On wind-up our pensions have gone
    We need compensation, at the double too.’

    Said the FSA chief, ‘Don’t blame me.
    Just ‘cos we said ‘guarantee’
    It’s a shame for each member
    But you have to remember
    We’re protected by full immunity.’

    Such double standards are hard to comprehend
    From a Regulator on whom many depend
    Misinformation of the worst kind –
    Glass houses and stones spring to mind
    Refusing compensation’s impossible to defend!

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