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UnCANNed – Nick’s Pick of the News

UnCANNed is a regular but light-hearted feature brought to you from Nick Cann, CEO, at the IFP. Well known for his forthright views and straight talking, UnCANNed is Nick’s new weekly update bringing you his thoughts on a topical Financial Planning issue in true Nick Cann style.

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Blog #64 - Well and truly hung - 07/05/2010

Well the General Election has been and gone and now we need to understand what it all means for us. We have to determine whether it is a hung parliament or a well hung parliament. What difference will it make to us over the next few years? There were of course issues as there always is. Loads of people left it so late that they didn’t get to vote because the queues were too long. Let’s hope that advisers learn from this and don’t leave it too late to get themselves and their businesses ready for a world post RDR. There is plenty of time available, plenty of guidance and support and most importantly rules to follow! It’s not rocket science.

It seems that there has been another week of bickering over somebody else’s qualifications not being as good as ours which is quite amusing really if it wasn’t so daft. If we are agreed that there are common standards and that the organisation and the qualification meet these standards, surely it should be fine. Just because we might not like the organisation or the people, doesn’t mean that there is necessarily anything wrong with the qualification. Employers and individuals must judge what the best route is for them. Everybody can get a degree from University but some Universities are judged better than others of course as are A levels and GSCEs. The qualifications are a starting base for developing better individuals and ultimately leading professionals.

I attended our London conference last week which was excellent and one of our speakers John Neal used a video to demonstrate the point. I was also sent this video by somebody else coincidentally this week and it is very funny. Rather cheekily given the words above if you imagine the CII giving the instructions it might make it even funnier!

 There is quite rightly a lot of attention on engaging with more consumers to take some sort of advice and provide help with their understanding of Financial Planning. Financial Planning Week (22-28 Nov) is where the IFP focuses its attention but there does seem to be so much to do with the concept of Simplified Advice. So much needs to be done to actually engage with the public and make this subject more interesting and compelling. I was interested to see a quotation from Malcolm Hurlston, the Chairman of the Consumer Credit Counselling Service who said “First-time buyer’ mortgages should be sold like driving licences, after study and an exam”. I think that this is a good idea and would engage with consumers at a time when they need something rather than when it is optional. People often look to Australia as the land where everything is right (strange I accept but true). They have just increased their compulsory superannuation scheme from 9% to 12% which means that the consumer is prompted to some action whether they like it or not!

With a 16 year old daughter there is always much excitement in the Cann household and this week is no exception. GSCEs are still some weeks away yet the school is already closed for study leave. This week has been one of parties, flour and foam throwing culminating in a prom tonight which would put the preparation for an Oscar party to shame. Why you might ask can this not all take place after the exams? It appears that in the comprehensive system they can’t be sure of everybody turning up after the exams. Well let’s hope that common sense prevails after the revelry and a revision timetable can be produced which leads to some activity. Next my daughter will be telling me she doesn’t like exams and wants to find an alternative form of assessment. It won’t be fair because clearly she knows everything but just isn’t very good in an exam room. Hmmmmm!

Poor Rhys ended up having a rather disastrous birthday. The day and the party were all cool but his main present was an IPod Touch which managed to fall into the sink on day three – oops!! Ideas on a post card please. This was then made slightly worse when his bright yellow hoody got washed with his mother’s navy blue leather gloves – Not even a nice green! Never mind, 14 isn’t such a special birthday and it won’t be long until Christmas!

Weekend for everybody to digest the joys of the election. You can rest assured that the IFP is ready to work with all parties and the support that we provide to members will improve yet further under the party that ends up running the country. If you haven’t yet booked for the Art & Science conference 18/19 May, you should because it will be a fantastic two days. If you can only make one, come to one it will be great to see you and I guarantee that you won’t be disappointed. It might also give me an opportunity to buy a beer to those that I owe one too.

Have a good weekend everybody whatever you are doing.

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