Mark Davis, from Brooks Macdonald Asset Management, warned pensioners back in 2004 of what he thought was an extremely dangerous scenario:

The situation in Spain however when dealing through unregulated advisers is much like the funds themselves; not subject to any form of regulation or approval and investors are not protected by any statutory compensation arrangements in the event of miss-selling.

The 2004 article did not have the benefit of hindsight nor can now be dismissed as the typical “I knew-it-all-along” rubbish: it was happening there and then but almost no one saw it happening! In fact, we can say that it was all just starting…and still he publicly warned of this very uncomfortable yet dangerous scenario.

Good for you Mark but shame not many people read your piece.