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A touch of schadenfreude

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The wealth news for the last few weeks has been dominated by one story, the gating of former superstar stock picker Neil Woodford’s Equity Income Fund. The Germans have this great word, schadenfreude, taking pleasure in other people’s misfortune, and there has been buckets of that around. However, there can be no underestimating how damaging this situation is for the investment industry. 

The biggest fallout is among the fund platforms, with Hargreaves Lansdown the most visible victim, but other IFA platforms who have held this fund will also have had to suspend it. They remain, at the time of writing, rather quiet on the subject, but the facts will continue to emerge. Read our piece on the situation, and how ETF providers and users are taking their chance to promote themselves.

Other news sees Philippa Aylmer interviewing Roger Gewolb, founder of FairMoney.com, a fair loan comparison site, who comments that new FCA rules will go some way to protecting investors, but the new measures will not prevent further platform failures.

You have to feel a bit sorry for the FCA this week, no? They are certainly busy…

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Beverly Chandler
Managing Editor, Wealth Adviser

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