IFAs branded 'parasites' by pension consultant

HamishWilson managing director Hamish Wilson said the pensions industry must "cut out the middle man" to prevent people from "abandoning the pensions industry" and relying on "buying a flat in Croydon" for their retirement income. "There are too many parasites: actuaries, lawyers, independent trustees, independent financial advisers (IFAs)," he said. "I squirm when pension communications say ‘talk to an IFA'. IFAs are there to advise on mortgages and insurance policies; pensions, I question. People consulting IFAs at every juncture is inefficient." Wilson also said the industry as wel...