In the News


‘City scammers’ aren't as harmful as neglected investments

Document Type


Publication Date



Guardian columnist Polly Toynbee recently took aim at ‘City scammers’, the asset managers who take fat fees for managing pensioners’ invested pots, eating up returns to such an extent their clients would be better off with the low rate offered by an annuity.

Toynbee quoted Conservative peer Nigel Lawson who claimed ‘there is absolutely no correlation between investment, management fees and performance’, while ‘portfolios are being deliberately churned to generate commissions’.