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There are five things actually:

  1. I would change the regulatory regime so that advice wasn’t so restricted. At the moment advice comes either from firms with an interest in profiting from you, or from so-called independent advisors who feel they need to charge hundreds of pounds per hour. So most people don’t get the advice they need. I’d like to see a new category of “guidance” introduced so that experienced and successful investors like me could help people.
  2. On a related note, I’d like to be easier to set up a “mini-fund” based around a limited company or partnership – something like Warren Buffett’s original vehicle. At the moment I think you can only really do this for sophisticated (high income or high net worth) individuals, and the costs are high.
  3. Like many other private investors in the UK, I’d like to see corporate voting rights for nominee investors in ISAs and SIPPs.
  4. I’d like to do something about the standard of mainstream financial journalism. Too many commentators and writers in the general media – the ones with the biggest audiences – seem to have very little experience of real investing.
  5. The final thing is schools. We teach kids a ridiculous amount of things that will be no use in their adult lives, but we don’t teach them how to manage their finances. I had to learn everything for myself, and it took me into my thirties to feel on top of things. I’d like to get involved with bringing financial education on to the curriculum.

Category: Mike

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