Ignorance and Defiance

A blog post from DU Member Digital Business Coach.

Each morning I walk 5 miles on a beautiful country walkway or trail I only really discovered a few weeks ago, despite living in my house for over 8 years! The mix of winding river, with the occasional mini waterfall and countless trees now decked out in Spring green, makes for a very pleasant way to start each day. It is, however not without its frustrations!

By now we all know the general rules for helping the NHS and avoiding the spread of this invisible killer – at least I thought this was the case. Going out on to this walk every morning I am confronted by couples insisting on walking alongside each other and ignoring the 2m rule. Cyclists – generally annoying – are allowed to speed past walkers with only a few sounding a warning bell as they close in. Those that do wear helmets struggle to gauge distance – this is presumably why so many do not bother with a helmet. Or insurance…

My wife undertakes the weekly trip to the large supermarket fairly close to home; despite all the clearly marked lines on the floor and the instructions both written and announced regularly by the tannoy, many flaunt the rules as they must not be inconvenienced when getting their shopping in.

I will call this “ignorance”

Sky News covered the story about packed beaches in California over the weekend, locals flagrantly disobeying the rules on social distancing. Often, on my daily walk I will come across cyclists or walking groups who are clearly unrelated and who have met up to spend time together outside.

I will call this “defiance”

The return of our PM has brought about a major sigh of relief in most parts, and in my own home; his message is crystal clear. To beat this pandemic we must comply with the rules, however inconvenient and growingly frustrating they are.

Ignorance and defiance will result in these measures being kept in place for far longer.

Sky News also reported the “very definite ” downward trend in those hospitalised with COVID-19; surely this is an incentive to all?!

In other news [Express Money] I read with no great surprise, that investment funds designed to deliver positive returns regardless of market conditions are failing. What makes this worse is that the investor pays higher fees for these types of fund, thereby compounding the situation.

How tired I get reading the comments of these “investment experts” telling us “it’s a good time to buy” and “well, this is to be expected, after all you are in it for the long term etc” It’s rubbish. It is unacceptable.

I spoke to a new client recently who told me the very sad story of his pension fund being significantly lower than it was in February, and the reaction he received from the “expert” who advised him in the first place and who, has been somewhat missing since. I am sure many of us can identify with this.

These experts tell us that FCA regulated advice – which is in reality – FCA product selling, provides us with a kind of hallmark of quality and consumer protection. I would remind all readers to review a story concerning one, well known fund manager who closed his fund last June after admitting to making a number of mistakes in the portfolio. So, for those looking to cash in for special events, that cruise, the purchase of a holiday home, to support a family member or retirement – tough. The FCA – the financial regulator, despite being bombarded with complaints, did nothing. In February, the fund was liquidated so its 300,000 investors could count their losses – typically around 20%. What a relief that the advice and the fund were protected by the financial regulator…

These same experts heap scorn and spread fear on anything not regulated by the FCA – as if everything else is toxic. Surely, a real financial adviser would provide his or her client with ALL options, ALL opportunities outside those of the narrow range permitted by the FCA, clearly described, with detailed comparisons so that we could make an informed decision. Thought not.

The price to be paid for the various Government financial support packages will be high. No one can say just how high right now BUT there is, at last, a growing realisation that the phenomenal amount of money printing going on [and since last Summer] can result in only one thing. The one thing that has always resulted from this unregulated and uncontrolled activity. Hyper inflation.

Remember the game of Monopoly? Remember the bank notes you were issued with at the start of the game? Now think “fiat” currency. Look it up. Reflect on how much fiat currency you have at the moment. How much the banks are printing of the stuff.

What it is actually worth. That it is backed by nothing. That it relies solely on trust.

Now is the time to learn about the alternatives. The stuff your financial adviser will not talk to you about. For the reasons which should be becoming clearer by the day.

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