Kate Hughes: If I'd won £148m I'd call for financial advice

 

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; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

News
The guide, since withdrawn, used illustrations and text to help people understand the court process (Getty)
newsMinistry of Justice gets law 'terribly wrong' in its guide to courts
News
Bobbi Kristina Brown with her mother Whitney Houston in 2011
people
News
Starting the day with a three-egg omelette could make people more charitable, according to new research
scienceFeed someone a big omelette, and they may give twice as much, thanks to a compound in the eggs
News
Top Gun actor Val Kilmer lost his small claims court battle in Van Nuys with the landlord of his Malibu mansion to get back his deposit after wallpapering over the kitchen cabinets
people
PROMOTED VIDEO
News
The actress Geraldine McEwan was perhaps best known for playing Agatha Christie's detective, Miss Marple (Rex)
peopleShe won a Bafta in 1991 for her role in Oranges Are Not The Only Fruit
News
newsPatrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
News
Robert Fraser, aka Groovy Bob
peopleA new show honours Robert Fraser, one of the era's forgotten players
Life and Style
Torsten Sherwood's Noook is a simple construction toy for creating mini-architecture
tech
Sport
David Silva celebrates with Sergio Aguero after equalising against Chelsea
footballChelsea 1 Manchester City 1
News
i100
Finacial products from our partners
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Money & Business

    Recruitment Genius: Software Development Manager

    £40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...

    Ashdown Group: Product Manager - (Product Marketing, Financial Services)

    £30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

    Recruitment Genius: Compliance Assistant

    £13000 per annum: Recruitment Genius: This Pension Specialist was established ...

    Ashdown Group: Market Research Executive

    £23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...

    Day In a Page

    As in 1942, Germany must show restraint over Greece

    As in 1942, Germany must show restraint over Greece

    Mussolini tried to warn his ally of the danger of bringing the country to its knees. So should we, says Patrick Cockburn
    Britain's widening poverty gap should be causing outrage at the start of the election campaign

    The short stroll that should be our walk of shame

    Courting the global elite has failed to benefit Britain, as the vast disparity in wealth on display in the capital shows
    Homeless Veterans appeal: The rise of the working poor: when having a job cannot prevent poverty

    Homeless Veterans appeal

    The rise of the working poor: when having a job cannot prevent poverty
    Prince Charles the saviour of the nation? A new book highlights concerns about how political he will be when he eventually becomes king

    Prince Charles the saviour of the nation?

    A new book highlights concerns about how political he will be when he eventually becomes king
    How books can defeat Isis: Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad

    How books can defeat Isis

    Patrick Cockburn was able to update his agenda-setting 'The Rise of Islamic State' while under attack in Baghdad
    Judith Hackitt: The myths of elf 'n' safety

    Judith Hackitt: The myths of elf 'n' safety

    She may be in charge of minimising our risks of injury, but the chair of the Health and Safety Executive still wants children to be able to hurt themselves
    The open loathing between Barack Obama and Benjamin Netanyahu just got worse

    The open loathing between Obama and Netanyahu just got worse

    The Israeli PM's relationship with the Obama has always been chilly, but going over the President's head on Iran will do him no favours, says Rupert Cornwell
    French chefs get 'le huff' as nation slips down global cuisine rankings

    French chefs get 'le huff' as nation slips down global cuisine rankings

    Fury at British best restaurants survey sees French magazine produce a rival list
    Star choreographer Matthew Bourne gives young carers a chance to perform at Sadler's Wells

    Young carers to make dance debut

    What happened when superstar choreographer Matthew Bourne encouraged 27 teenage carers to think about themselves for once?
    Design Council's 70th anniversary: Four of the most intriguing prototypes from Ones to Watch

    Design Council's 70th anniversary

    Four of the most intriguing prototypes from Ones to Watch
    Dame Harriet Walter: The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment

    Dame Harriet Walter interview

    The actress on learning what it is to age, plastic surgery, and her unease at being honoured by the establishment
    Art should not be a slave to the ideas driving it

    Art should not be a slave to the ideas driving it

    Critics of Tom Stoppard's new play seem to agree that cerebral can never trump character, says DJ Taylor
    Bill Granger recipes: Our chef's winter salads will make you feel energised through February

    Bill Granger's winter salads

    Salads aren't just a bit on the side, says our chef - their crunch, colour and natural goodness are perfect for a midwinter pick-me-up
    England vs Wales: Cool head George Ford ready to put out dragon fire

    George Ford: Cool head ready to put out dragon fire

    No 10’s calmness under pressure will be key for England in Cardiff
    Michael Calvin: Time for Old Firm to put aside bigotry and forge new links

    Michael Calvin's Last Word

    Time for Old Firm to put aside bigotry and forge new links