Ali Hussain @AlihussainST Twitter profile

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Ali Hussain

@AlihussainST

7 months

7 years ago SJP tried to stop The Sunday Times asking questions its readers wanted us to ask. We refused. Today it faces paying hundreds of millions of pounds in compensation to some of those readers. Sadly, not all of them are still alive to see it

The Times & The Sunday Times

News and opinion from The Times & The Sunday Times

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

Companies House is a gift for scammers

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Ali Hussain

@AlihussainST

5 years

My small contribution to today’s Coronavirus coverage. So proud

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Ali Hussain

@AlihussainST

7 years

Beautifully restored riverbanks along the river Lea. One of the great legacies of the 2012 Olympics. Gets better every year

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Ali Hussain

@AlihussainST

3 years

Banks are springing up in some of the most exclusive areas of London, but none of the residents know anything about them. It’s because they’re fake, and likely being used for scams

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Ali Hussain

@AlihussainST

4 years

The banks thought they’d drawn a line under the PPI affair. The courts prove their policies were not just missold, but unfair in the first place. The floodgates to new claims have burst

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Ali Hussain

@AlihussainST

3 years

Pensionbee has adopted a bee and named it after me to celebrate its 500,000th signup. I even have a certificate to prove it. As PR stunts go, I very much approve

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Ali Hussain

@AlihussainST

2 years

Leaseholders can face life changing, unexpected bills

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Ali Hussain

@AlihussainST

11 months

Putting financial advisers into debt and making them pay it off using “advice” fees does not not seem like the best way to ensure “good outcomes” for clients. I asked the FCA about how this fits in with its Consumer Duty rules. It declined to comment

The Times & The Sunday Times

News and opinion from The Times & The Sunday Times

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

FCA claims its hands are tied when it comes to protecting consumers from misselling or fraud. There is no absolute safety net, its head of enforcement tells me

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Ali Hussain

@AlihussainST

4 years

Started on the allotment a little later than normal this year. It’s been working while I’ve been away

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Ali Hussain

@AlihussainST

4 years

Financial advice firms that missold investments can become claims managers when things go wrong. The FCA doesn’t keep a record of the number of individuals who’ve done this. The entrepreneurship is admirable, but can’t but feel we’re being mocked

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Ali Hussain

@AlihussainST

4 years

The FCA says: "Firms earn higher margins from consumers who are less aware". This is a truism if ever there was one. Making money from your customers' ignorance demonstrates a disdain for ordinary people and it is rife in financial services

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Ali Hussain

@AlihussainST

5 years

Criminals take advantage of Google’s technology and our laws fail to protect us. The web giants must better police their lucrative global marketplace - but we should not have to rely on their good grace to do so

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Ali Hussain

@AlihussainST

4 years

Spectacular sky. Never seen an evening rainbow before

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Ali Hussain

@AlihussainST

3 years

First trees planted in the new garden. Oak and Rowan look tiny next to the church. Been waiting years to do this.

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Ali Hussain

@AlihussainST

5 years

I would urge SJP customers to use the company’s website to assess how their funds are performing. They will find that in most cases, they return less. In other cases, the firm provides no benchmark to test against

Sunday Times Money

@ST_Money

5 years

So how expensive are St James's Place funds? We analyse them

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Ali Hussain

@AlihussainST

11 months

It is not right that two parents can each earn £49,999 and retain all their child benefit but a single parent earning £60,000 gets nothing. Sign the petition to reform the broken child benefit system

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Ali Hussain

@AlihussainST

4 years

The boss of the FSCS tells me she’s referred 117 advisers to the FCA who’ve missold products, shut shop and started under another guise. The regulator does not record or monitor such activity. A failing being exploited

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Ali Hussain

@AlihussainST

4 years

When half your funds are failing and you send your top salespeople on expensive overseas trips with profits made from other people’s money, you can’t expect us not to ask questions

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Ali Hussain

@AlihussainST

4 years

Two unhappy SJP customers are leaving. One paid £73,493 in fees over 13 years and the other £58,399 over seven - 40.8% and 46.8% of their profits respectively. Figs in the right ballpark, the company said

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Ali Hussain

@AlihussainST

4 years

Fund value reports reveal one clear message - the higher your charges, the lower your returns. Everything else is just marketing

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Ali Hussain

@AlihussainST

4 years

What happens when you’re on holiday during lockdown and have an allotment glut: gooseberry martini, gin and jam; and blackcurrant cordial and jam

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Ali Hussain

@AlihussainST

3 years

First time I’ve seen a wild barn owl in real life

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Ali Hussain

@AlihussainST

4 years

Investors are abandoning expensive actively managed funds, and it’s no surprise why. When an adviser or fund manager says its returns are poor because of its charges, what’s the point of it?

The year investors bid farewell to fund managers

Investors have gone on a “coronavirus buying spree”, piling their money into low-cost tracker funds with the aim of benefiting from a market bounce-back.Since t

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Investors poured millions of pounds into failed mini bonds while the regulator was asleep at the wheel. The compensation bill for savers is estimated to hit £1bn. Good advisers, and ultimately their customers, have to pay it

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Ali Hussain

@AlihussainST

2 years

Muntjac are causing havoc to the English countryside, and my garden. Time for action

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Ali Hussain

@AlihussainST

6 years

The spectacular white wisteria at Sissinghurst. Nature’s bridal veil #RoyalWeddding

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Ali Hussain

@AlihussainST

5 years

Stocking up

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Ali Hussain

@AlihussainST

2 years

Look at it go

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Ali Hussain

@AlihussainST

4 years

If you’re trying to shed the stench of a conflict of interest, picking a newly launched fund of which you own 25% is probably not a good idea

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Ali Hussain

@AlihussainST

4 years

The funds industry has been exploiting ordinary investors for years. It is only cutting charges after being forced to justify its fees - which it can’t. Most surprising is why it’s taken the regulator so long to figure this out

Fund fees aren’t fair if you’re a small investor

Ordinary investors are paying almost 70% more in charges compared with corporations investing in the same products, according to an assessment by a leading fund management group.Columbia Threadneed...

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

Tied advisers should be banned from providing final salary pensions transfer advice, the UK Shareholders Association has said:

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Ali Hussain

@AlihussainST

4 years

An ex-director of a firm receiving misselling claims, can also own a company that uses unregulated middlemen to market investments. He can also set up a new advice firm and own another offering claims management. Must have a busy working day

Back in business — the salesmen caught up in British Steel scandal

Salesmen who recommended that workers transfer their generous final-salary pensions into high-risk schemes are closing their businesses, thus escaping having to pay millions of pounds in compensati...

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Technology has made investing cheaper, and savers are more clued up about the long term impact of fees. Unless the big, established wealth managers pass on at least some of the savings, they’ll become increasingly irrelevant

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Ali Hussain

@AlihussainST

4 years

Fixed fees for advice, as an when you need it. It’s the way forward. Charging customers every time they want to add money to their investments is also probably on the way out. Surprising how long the industry has got away with it

One’s bank is embroiled in a frightfully good price war...

The Queen’s bank Coutts has begun a price war for wealthy investors.The bank, which is part of NatWest Group, has lowered the cost of its wealth management se

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

Banks and the regulator aren’t just failing to strop scammers, they’re unwittingly helping them too

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Ali Hussain

@AlihussainST

4 years

People are stuck on expensive mortgages because the banks and their salesmen promised them dreams during the Northern Rock boom times. They’re now being targeted by claims lawyers promising redress but are instead adding to their debt. What a mess

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Ali Hussain

@AlihussainST

4 years

SJP and the FCA disagree over how advisers should get paid for defined benefit transfer advice. If an adviser gets paid, only if you accept a transfer, is there a conflict of interest? The regulator thinks so

Who is really benefiting from pension transfers?

One of Britain’s largest wealth managers has made an estimated £2.7 million in advice fees after receiving £56.4 million transferred out of so-called gold-plated pensions over the past two years. St...

www.thetimes.com

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Ali Hussain

@AlihussainST

5 years

Today, I will be mostly considering allotment tomatoes

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Ali Hussain

@AlihussainST

4 years

An allotment snackette. First raspberries and red currents of the year, with a few strawberries too

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Ali Hussain

@AlihussainST

3 years

Love this time of year in the garden

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Ali Hussain

@AlihussainST

4 years

Something very satisfying about digging up allotment potatoes. This should keep me going

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Ali Hussain

@AlihussainST

4 years

I’m not sure why a wealth tax sounds so controversial. After all, the funds industry and financial advisers apply one already to the nation’s wealth. Not that I think it’s a good idea, just saying

You wanted a wealth tax — well, now you may get one

Here is a little test: the next time someone starts rabbiting on about taxing the rich, ask for specifics.Get them to put a number on exactly how much of anyone

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

Our military veterans deserve better than to be mislead about the people advising them about their money

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Ali Hussain

@AlihussainST

3 years

Garden freebies

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Ali Hussain

@AlihussainST

3 years

Crypto firms must meet the same advertising rules that apply to share investing. A long overdue move:

Government to strengthen rules on misleading cryptocurrency adverts

Plans to strengthen the rules on cryptoasset advertisements and protect consumers from misleading claims were published by the Government today (18 January).

www.gov.uk

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Ali Hussain

@AlihussainST

4 years

I have this bit of north Norfolk beach to myself

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Ali Hussain

@AlihussainST

5 years

Fidelity’s website identified its funds as ethical, when they weren’t - resulting in possible misselling. A technical glitch maybe, but shows a complete lack of regard for customers wanting to invest with good intention

Fidelity launches inquiry over fears ethical savers were mis-sold

One of the world’s biggest fund managers has shut down part of its website over fears that ethical savers may have been misled into pouring their money into tobacco, arms and alcohol companies....

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Allotment goodies, including first year harvesting asparagus

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Ali Hussain

@AlihussainST

4 years

When a wealth manager admits its funds are failing, but the quality of its service is good overall, you’re really just paying for admin and trips to expensive flower shows

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Ali Hussain

@AlihussainST

4 years

I reported two scam websites to Google and the FCA last week. One was taken down and the other put up on the FCA scams register. Google also stopped promoting them. This is good, until you realise both had been reported to them weeks ago

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Ali Hussain

@AlihussainST

3 years

Don't wait for fund groups to cut your fees. You may be waiting years if you do. Use the template letter in today's Times to demand a fairer price for managing your wealth

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Ali Hussain

@AlihussainST

4 years

First allotment strawberries, normally looking forward to Wimbledon this time of year

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Ali Hussain

@AlihussainST

5 years

The table in this article took me a month to compile. It should not be so difficult to compare the cost of companies wanting to manage our money

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Ali Hussain

@AlihussainST

4 years

Spectacular colours from sun, sea, sand and land. Enhanced by the prospect of a pub lunch at the end of my walk

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Ali Hussain

@AlihussainST

2 years

Clients of Devere Group have spoken out about misselling claims despite huge financial and personal cost

Silenced, arrested, sued... for daring to complain about their failed investments

Almost a year ago Diane Bentley, a retired nurse who lives in France, joined a Facebook group. It was a decision that would land her in court, fighting a busi

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Today’s allotment goodies. That’s the rest of the afternoon accounted for

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Ali Hussain

@AlihussainST

3 years

Mobile phone and internet firms make us vulnerable to fraud. Police are demanding tougher rules to help them fight the scammers

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Ali Hussain

@AlihussainST

5 years

Since we went to press, I understand SJP has announced plans to scrap its controversial cruises and cufflinks reward scheme for advisers. A good move. I hope this means its customers benefit.

St James’s Place investors pay for fun afloat

St James’s Place advisers have to bring in £150,000 from clients this year to win a place on the company’s next annual jaunt, described as a “business trip”: a cruise around the Balearic islands on a...

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Fund groups transferred over 300,000 customers to lower cost versions of their products after failing to justify the commissions they were receiving. Question is, why they were allowed to pocket such fees seven years after they were supposedly banned

FCA crackdown on fund managers saves investors £30m

Fund managers have had to switch more than 320,000 customers on to cheaper versions of their products after failing to justify their fees. Times analysis of the value assessment reports, which the...

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

The service is being framed as a way of helping people struggling with their finances when all it does is exacerbate the problem. Banks should help people learn to budget properly. Long term, that’s the only proper solution

Revolut, the digital bank, advances up to half your monthly wage

Workers will be able to draw as much as half of their salary as they earn it weeks before payday under a new service being launched by a British bank.Revolut, w

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

If you’re an employee, you’re almost always better off busting the pensions lifetime allowance, in some cases by almost four times what you put in

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Ali Hussain

@AlihussainST

2 years

Harvest time

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Ali Hussain

@AlihussainST

4 years

Allotment gooseberries. My Bengali friends want salt and chilli with them, and my English friends want custard and cream. Such different taste cultures

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Ali Hussain

@AlihussainST

4 years

Entrepreneurs are the backbone of any properly functioning economy. Excluding them in their hour of need could have long term consequences, particularly for a party claiming to champion those taking risks to start a business

Self-employed ‘abandoned’ by Sunak’s coronavirus bailout

The government has apologised for hardship facing self-employed people after it emerged that three million of them are excluded from a £30 billion support package for the economy.Those left out...

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

The state will fund your care if you can prove your needs are complex enough, but the claims process is not fit for purpose. Reforms announced last week do nothing to alleviate the trauma families face applying for what their loved ones are entitled to

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Ali Hussain

@AlihussainST

7 months

Who would have thought that SJP were charging customers too much?

SJP shares crash after it sets aside £426m for advice fee refunds

As a result of the £426m pre-tax provision, SJP has cut its total dividend from 52.78p per share in 2022 to 23.83p in 2023.

citywire.com

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Ali Hussain

@AlihussainST

4 years

Investment costs are like any other bill. If you forget about them long enough, you’ll be be paying for something which is probably available for less. Only the consequences are much more serious on your wealth

20 years of paying for nothing: the hidden charges on your investments

A woman paid the investment platform Bestinvest for more than 20 years, even though she received no service from it and actually lost contact with the company for about a decade.In a case that...

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

Some garden goodness for the bbq this afternoon

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Ali Hussain

@AlihussainST

5 years

Hard work this. I’ve got my eye on the two stray potatoes that wanted to join the party

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Ali Hussain

@AlihussainST

3 years

Tips for picking advisers include going through their Twitter feed and avoiding those driving a posh car as your fees are paying for it. Judging by some adviser posts, Teslas seem to be a preference

How to choose the right financial adviser for you

There is no hard and fast “right” way to choose a financial adviser. In fact, it’s almost impossible to tell whether the one you have chosen has done a good jo

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

Support for bereaved parents catches up with the modern world

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Ali Hussain

@AlihussainST

4 years

We grew a rose in the garden called Jacqueline and a peony called Beauty. Both trying to outdo each other today

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Ali Hussain

@AlihussainST

3 years

Last week, FSCS boss called for advisers using unregulated introducers to pay more. Now Ombudsman boss wants firms receiving most complaints to do the same. Good. The industry is awash with bad apples that push up costs for others and ultimately customers

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Ali Hussain

@AlihussainST

4 years

Charging children ten times more than they need to pay is outrageous. The intention behind Child Trust Funds was good, but if you have one, you’re being exploited. Switch to a cheaper option now

The child trust fund fees rip-off

Children are losing thousands of pounds on child trust funds because of sky-high fees that can be seven times higher than almost identical products elsewhe

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Today’s production from allotment produce. Red current jelly and raspberry jam. Also a block of refined wax. The honeycombs were a gift

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Ali Hussain

@AlihussainST

4 years

The internet giants will not bow to pressure from a toothless regulator to stop web scams. Until our laws catch up with the 21st century we are all left vulnerable

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Ali Hussain

@AlihussainST

4 years

We’re meant to shop around for the best deal but few of us do so when it comes to our life savings. The industry doesn’t make it easy. Time for a comparison site for pensions

How a cheaper pension will last you an extra 16 years

Pensioners could be £128,000 better off and have a pot that lasts 16 years longer by using a company with low fees.The analysis comes amid a price war betwe

www.thetimes.com

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Ali Hussain

@AlihussainST

5 years

The Times view on high fees at Chase de Vere: Cost of Capital

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Ali Hussain

@AlihussainST

4 years

Insurers have been exploiting loyalty for years, and it's the elderly and disabled who are the worst affected. Today our financial regulator proposes rules that will ban firms charging more each year if there's no increase in risk - about time too

Elderly, loyal — and charged 10 times more for insurance

Elsie Briggs, 92, was paying £1,280 a year for buildings and contents insurance with the Co-op, a company to whom she had been loyal for 24 years. Her stepson

www.thetimes.com

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Ali Hussain

@AlihussainST

3 years

What I don’t understand from the grouse shooting fraternity is how burning swathes of heathland so people can shoot birds is actually protecting nature

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Ali Hussain

@AlihussainST

4 years

There’s an epic blame game being played out between the banks and internet giants over which is responsible for our fraud epidemic. Both need to spend more resources protecting us. We shouldn’t have to ask them to do it

Absent bank bosses who failed to stand up for fraud victims

The chief executives of many of Britain’s banks have skipped formal meetings about fraud with the chancellor and home secretary for almost two years, The Sunda

www.thetimes.com

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Ali Hussain

@AlihussainST

7 months

Seeds, ready for planting!

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Ali Hussain

@AlihussainST

3 years

Was rather fond of this old apple tree. Ah well, more wood for the insects and some for the fire

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Ali Hussain

@AlihussainST

4 years

A source at Chase de Vere claims its advisers do not apply its “decency limit” on charges for its discretionary portfolio service. Deciding not to respond to this strongly indicates its veracity, and an indecency towards its customers

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Ali Hussain

@AlihussainST

3 years

The banks, Action Fraud, Advertising Standards Authority, the regulator, phone companies, internet firms, NCSC…all want us to report scams. But what do they actually do with the information we provide? Judging by the data, not enough

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Ali Hussain

@AlihussainST

4 years

A pub lunch is always enhanced by a fire, especially when they use it to cook steak with, as they do at the most excellent Gunton Arms in Norfolk

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Ali Hussain

@AlihussainST

4 years

Link Fund Solutions has form when it comes to mishandling investor money. It paid millions in compensation for past mistakes and the same people are still running the show. It’s now selling Woodford stock on the cheap. Good grief

Woodford sold on the cheap

Assets of the failed Woodford Equity Income fund were sold at a multimillion-pound discount, the firm in charge admitted last week. Link Fund Solutions said it

www.thetimes.com

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Ali Hussain

@AlihussainST

5 years

What an extraordinary thing is nature. The work of bees

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Ali Hussain

@AlihussainST

5 years

Not quite the sands of Arabia, but these north Norfolk landscapes, that tumble into the sea, have their own majestic sweep

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Ali Hussain

@AlihussainST

5 years

Unregulated claims managers pay Google to appear on top when searching for genuine insurers. I asked if their marketing could mislead, but they were reluctant to answer. Names and addresses also withheld. All within FCA rules, apparently

How to watch out for insurance scammers

It has become a perfectly normal thing to do. You open an internet page and search Google for the cheapest car insurance or the phone number of your existing insurer.Yet this simple action could...

www.thetimes.com

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Ali Hussain

@AlihussainST

4 years

Joys of spring during this cruelest month. A white and purple phase in the garden. Reflects my mood

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Ali Hussain

@AlihussainST

4 years

Making huge profits by charging children seven times more than they need to pay is a disgrace

Pay boom of child fund bosses

The bosses behind some of the biggest Child Trust Funds are paid millions for overseeing children’s investment products that charge up to seven times more th

www.thetimes.com

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Ali Hussain

@AlihussainST

2 years

You can try to pick the right manager for your money but they’re more likely to get it wrong. Better to focus on lowering fees and cutting out the middlemen

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Ali Hussain

@AlihussainST

8 years

The Sunday Times Money team. Celebrating our relaunch in style!