That simple removal led to the huge commission override payments being made to some larger distribution channels and the arrival of product or manufacturer bias and mis-selling, especially by the banks.
Responsibility is one of those words that politicians, government officials and regulators seem to shy away from.
But with just a few days left of 2023, perhaps this will be the year that somebody, somewhere in that rarefied regulation-political ether holds their hands up saying:
- Yes, I got it wrong.
- Yes, I was told it would not work.
- Yes, I did not listen.
And because of that: I will take responsibility and resign – no pay off, no garden leave, no knighthood and no revolving door employment for at least two years.
And the solution is simple to delivering access to quality advice to hard-pressed families: bring back the MCA.
It may have had its faults, but the removal closed the door for so many people to get the right advice or support to manage their money at the time they needed it and at a cost they can afford.
Derek Bradley is founder and chief executive at Panacea Adviser
