Speeches by Glen.

“I was going to ask that question specifically. The Prime Minister is reportedly going to focus on disposable income, but if you increase from 8% on a ratchet to about 10%, 12% or 13%—where Australia is—that will have an impact on disposable income. Is he wrong to do that? We have a direct conflict here, between a fixin…”

“We are going to hear from a consumer panel afterwards that will tell us about the poorest in society being excluded from many of these things, so it is an unrealistic aspiration, yet from a macroeconomic point of view, it is desirable. How do we reconcile that?”

“Sorry to interrupt, but in the context of the increase in national insurance contributions, it is unrealistic to expect that to be added in the short term. Basically, you are saying that we should have a 10 or 15-year plan, with the changes in pension age, for example, so that industry is certain about those milestones…”

“I want to follow up on one thing you said about the reforms at Mansion House. We have always said that this whole aspiration of pooling pensions funds is the right thing to do, starting with local government. Mr Celic, you talked about culture. Are the Government being robust enough in placing hard stops here to say, “…”

“One thing that has been cited in the conversation this morning is the negative consequences for consumers of being dependent on cash—“safe”—savings and low-risk products, and not defaulting to others. My experience of the consumer protection narrative is that—if I think of Mr Postings and some of his members—there is a…”

“And your members would be liable for then apparently making a bad judgment in year one.”

“Previously, we moved from a situation where you had commission for advice. There was more transparency, then the cost of it was too high and people could not afford it, and now nobody does it. If you want to have more than 7% of people taking advice, how is that paid for? It seems to me that if you go to the money advi…”

“If the chair of the FCA says that there are 13 million consumers who have basically got £430 billion in cash, you have said there is nothing preventing the market from giving tailored advice. Given the economic advantage, presumably, to those companies of giving that advice, why is that not happening? They would do it …”

“They do not trust themselves.”

“That is a massive consumer detriment at the moment, isn’t it?”

“Isn’t the reality that the poorest consumers have a lack of pathways? Mr McAteer suggests that that is because the banks and financial institutions are not using the opportunities of AI to create products and pathways, but consumers are losing growth in their cash, if they put it in equities. More than that, they are g…”

“After year one.”

“In reality, a step change in the level of financial knowledge and awareness among the poorest in our society will not happen immediately. I am not saying that there are not things that can be done—I think we could all find a way of doing that. However, notwithstanding the point about not doing enough research, if peopl…”

“If the chair of the FCA says that there are 13 million consumers who have basically got £430 billion in cash, you have said there is nothing preventing the market from giving tailored advice. Given the economic advantage, presumably, to those companies of giving that advice, why is that not happening? They would do it …”

“Previously, we moved from a situation where you had commission for advice. There was more transparency, then the cost of it was too high and people could not afford it, and now nobody does it. If you want to have more than 7% of people taking advice, how is that paid for? It seems to me that if you go to the money advi…”

“And your members would be liable for then apparently making a bad judgment in year one.”

“One thing that has been cited in the conversation this morning is the negative consequences for consumers of being dependent on cash—“safe”—savings and low-risk products, and not defaulting to others. My experience of the consumer protection narrative is that—if I think of Mr Postings and some of his members—there is a…”

“I want to follow up on one thing you said about the reforms at Mansion House. We have always said that this whole aspiration of pooling pensions funds is the right thing to do, starting with local government. Mr Celic, you talked about culture. Are the Government being robust enough in placing hard stops here to say, “…”

“Sorry to interrupt, but in the context of the increase in national insurance contributions, it is unrealistic to expect that to be added in the short term. Basically, you are saying that we should have a 10 or 15-year plan, with the changes in pension age, for example, so that industry is certain about those milestones…”

“We are going to hear from a consumer panel afterwards that will tell us about the poorest in society being excluded from many of these things, so it is an unrealistic aspiration, yet from a macroeconomic point of view, it is desirable. How do we reconcile that?”