Kate Hughes: If I'd won £148m I'd call for financial advice
Saturday 18 August 2012
I'm not sure about you, but if I'd just won £148m and change in the Euromillions lottery I wouldn't be elated, I'd be terrified. And I certainly wouldn't be doing press interviews no matter how cajoling the people at Camelot were.
The first things it seems Adrian and Gillian Bayford did was call their families, friends and Domino's, pick out the dream car, decide one of them would quit work and browse the EasyJet website.
Now all these are things I imagine I'd consider myself at some stage in the proceedings, especially as I'm more than a little bit partial to pizza. But the very first thing I'd do, without hesitation, is go scrambling for my independent financial adviser's mobile number.
The quote from the Camelot press release claims they said: "This money has come at the right time for us and is going to benefit the whole family... everyone's life is going to be so much more enjoyable and stress-free."
Which rang alarm bells with me. This is just shy of £149m we're talking about which, as we all gleefully reported, puts them above Jamie Oliver, Sir Tom Jones and Eric Clapton to claim 516th spot on the Sunday Times Rich List.
I challenge you to try to even imagine that level of cash and its effects. Surely life won't be stress-free, there will just be different stress, such as, ooh I don't know, inheritance tax planning.
Camelot offers all winners of more than £500,000 the opportunity to take on independent advice, which is somewhat of a relief because there was never a couple so in need of guidance.
But no-one should need a £148m incentive to seek financial advice. The most recent figures from a joint report from unbiased.co.uk, the not-for-profit advice search facility, and Standard Life, has found that, of those who took financial advice in the first week of June alone, 76 per cent believe they made suitable product decisions for their financial circumstances, compared with only 67 per cent who didn't seek a second opinion. And the reported advantages included a renewed peace of mind, confidence in being able to provide for their family, the ability to understand complex financial products and saving time, as well as the chance to regularly review financial circumstances and goals.
Into the midst of all this arrives the news this week that the Money Advice Service (MAS), the much-criticised public service created by the Government for consumers, has only referred 3,000 of its 1.3 million users for regulated financial advice over the last year – a miniscule 0.2 per cent – according to its annual review. This will come as a blow to advisers who contribute massively to the industry levy that funds the service.
The MAS sits in a very weird position, reportedly keen to avoid providing or regulating financial advice and subsequently having to answer questions, including from the Treasury Select Committee, about what it's role actually is. And then there was that issue of a marketing budget of £11.25m, and its chief exec's salary.
It's certainly a summer MAS won't forget, but if it can't get its house in order, what hope have the rest of us got? Now where did I put that number...
Independent Partners; request a free guide on NISAs from Hargreaves Lansdown
- 1 Amy Winehouse statue unveiled in Camden
- 2 Lego breaks out of the toy box and heads for the gallery
- 3 George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
- 4 Headaches, fry ups, and hair of the dog - why do we get hangovers, and is there such thing as a 'cure'?
- 5 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Daniele Watts: Django Unchained actress detained in Los Angeles after being mistaken for a prostitute
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
Day In a Page
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony