Morrisons gin? Or Sipsmith?

It’s all “go” out there in Proposition Land with SJP’s pricing review providing the first major and very public demonstrable change which has Consumer Duty at its core.

One thing I think the industry can tend to forget is the FCA’s core objective to promote competition. And competition cannot work well in an industry where consumers are literally unable to compare one provider against another. I still remember writing a piece for the FT a few years ago – my mission was to show FT readers the respective costs which someone would pay a discretionary wealth manager for ongoing financial advice and portfolio management for a £1 million SIPP. It was ridiculously hard – and almost impossible. It aged me!

SJP has brought its charges in line with industry norms and facilitated comparison. Which is a very good thing. This LinkedIn post has more from me on the subject – and some interesting comments from various parties.

Shopping Around

The advice giant is not the only one to be thinking about this. I caught up with a Board member of a leading provider recently, and a large part of their Q3 Board meeting had been taken up discussing ‘Shopping Around’. How we support comparison, choice and confident consumer decision making will become increasingly important as we move into 2024.