Covering Brexit in Suitability Reports
Good afternoon all,
We have had a client come in absolutely adamant that he wants to withdraw his full PCLS allowance and invest the capital in Premium Bonds to protect the entitlement against Brexit. He tells us that he is very concerned about the 'No deal' Brexit scenario and this is his sole reasoning behind claiming his full PCLS.
The adviser has advised against doing this if the capital is not needed. He's currently invested in Multi-Asset Passive funds with a Cautious ATR. I also believe that this is not the right thing to do as the multi-asset fund offers diversity and the effects of Brexit are likely to have a small overall impact on his pension funds over the longterm. He's over 5 years away from his intended retirement age so has time on his side as well.
What are others writing in their SR's for reasons against making such actions?