michaelc
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Say No To T.D.S.
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Post by michaelc on Jan 19, 2018 23:05:54 GMT
If I go to a casino either in the UK, elsewhere or online I don't ever recall being asked "Are you a sophisticated gambler?" or "Are you a high net worth gambler?". No, the usual response is "Hello sir...come on in...."
So why is it that it is increasingly becoming more difficult to spend one's cash as one wishes? If someone is an adult and sane why can't they just spend their money as they see fit? It seems now we need to prove we know what we're doing, why we're spending it (and tangentially) provide details of where they money came from. If this nonsense carries on to its merry conclusion, money will lose more and more of its original purpose.
The argument of over zealous kyc and aml rules have been discussed all over the internet but what of the IMO pointless financial maturity questions? There's nothing at all to stop someone selling their own home and puttin the lot of Red but should they wish to invest in a "product" that has a far higher average return they might be refused on the grounds of financial immaturity.
Sorry for the random rant. I wasn't refused but was asked quite a few questions which annoyed me a little.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 20, 2018 0:14:27 GMT
I gotta agree, sort of a cousin to Political Correctness innit?  PS - Or more likely, a twin! |
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bigfoot12
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Post by bigfoot12 on Jan 20, 2018 10:14:15 GMT
Because no-one goes into a casino thinking that they are saving money, or investing in a pension. However some things which people are investing their SIPP or ISA are nearly as risky going into a casino and the have the badge of FCA approval (even if that only means that client money procedures are being followed). My guess is that Crowdcube investments are going end up having been worse than a typical trip to a casino. Of course a truly sophisticated investor (rather than some stupid technical definition) would avoid 95% or more of those investments anyway.
Too many people have signed up to a fixed rate mortgage and then moan like hell when rates drop and they can't unwind it for free. But also I know too many people who have tried to do the right thing and an IFA has put them into inappropriate products (I assume with large fees).
If you really want to, and have any clue then it is cheap and easy to become a "sophisticated investor".
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bigfoot12
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Post by bigfoot12 on Jan 20, 2018 10:14:48 GMT
BTW Nanny State is currently my favourite low (0.5%) alcohol beer. I am allowing myself the odd bottle at the moment even though I am trying not to drink until mid February.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jan 20, 2018 14:40:10 GMT
Of course we don't know why different people frequent casisnos - they all have their own reasons. Some might be insane, some might be angry about something, some might be compulsive gamblers and still more might enjoy the experience of "a flutter" once in a while. Many believe they are going to win and none are told by anybody that the house edge exists to fleece them long term.
I would think anybody with an IQ great than about 80 (almost everyone) would understand the key difference between an FCA compensation scheme protected account and an account that could lose money. Surely a simple warning would suffice? Perhaps more prominent than is often the case now.
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dermot
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Post by dermot on Jan 20, 2018 18:49:07 GMT
BTW Nanny State is currently my favourite low (0.5%) alcohol beer. I am allowing myself the odd bottle at the moment even though I am trying not to drink until mid February. Me too! Produced by Brewdog as an amusing counterpoint to some of the whingeing from politicians criticising them for some of their very high strength beers. It really does taste like a full bodied beer, 4 different malts and 7 different hops, if my memory serves. £4-40 for 4 bottles from Mr Tesco.
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kaya
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Post by kaya on Jan 20, 2018 21:03:09 GMT
Nah, 0.5% just does not cut it for me. And to hell with the SNP and their nanny state minimum pricing.
Now where did I put that super-strength cider...
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hazellend
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Post by hazellend on Jan 21, 2018 9:03:34 GMT
Nah, 0.5% just does not cut it for me. And to hell with the SNP and their nanny state minimum pricing. Now where did I put that super-strength cider... Yes, to hell with them trying to stop countless needless deaths from alcohol.
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jonah
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Post by jonah on Jan 21, 2018 9:34:24 GMT
Nah, 0.5% just does not cut it for me. And to hell with the SNP and their nanny state minimum pricing. Now where did I put that super-strength cider... Yes, to hell with them trying to stop countless needless deaths from alcohol. Don’t forget the costs to the state in terms of NHS and police time etc.
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Post by Deleted on Jan 21, 2018 11:13:07 GMT
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Post by GSV3MIaC on Jan 21, 2018 13:37:29 GMT
Yes, basically as soon as the expectation is that 'nanny state' will 'pick up the pieces' (whether healthcare, or welfare payments), then it follows fairly directly that 'nanny state' will expect to step in to meddle with %whatever% to try to contain the costs (i.e. what we have to pay).
You have a choice - either leave RTA casualties to bleed to death on the roadside, or try to stop them drunk-driving (any other route requires larger, or potentially infinite, funding); leave papers to starve (or pry for charity), or try to prevent them from pauperising themselves in the first place (don't mention the National Lottery, and yep .. Betting shops and Casinos seem to have the fix in).
It definitely goes wrong sometimes (eg the 'social costs' of Prohibition in the USA were probably higher than the social costs of the alcohol consumption, net of tax). I wonder if the war on drugs isn't headed the same way.
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Post by Deleted on Jan 21, 2018 13:41:51 GMT
the war on drugs is a joke and basically ignores all of Sun Tzu's principles or even Terry Pratchett's equivalent "Tzu Sung", the idea of fighting on the bodies of your own children....
Portugal on the other hand shows what happens if you treat addiction as an illness, the drug trade falls away.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Jan 21, 2018 14:59:28 GMT
You have a choice - either leave RTA casualties to bleed to death on the roadside, or try to stop them drunk-driving (any other route requires larger, or potentially infinite, funding); Or you make them pay for it and if they can't pay I heard there is a new platform starting up..... P2PAntiSocialMediLoans.com .
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Yintara
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Post by Yintara on Jan 21, 2018 15:23:55 GMT
I suppose not many people would think of going into a casino as anywhere close to having a savings account. I was reading a thread the other day (not here) where someone had just sold a house and was putting the entire proceeds into P2P and 'taking it out' when they found somewhere new to buy. Their response to someone asking what happens if their loans default or they get stuck in a huge selling queue was 'well, that's not going to happen, is it?'  |
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kaya
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Post by kaya on Jan 21, 2018 19:40:44 GMT
Portugal on the other hand shows what happens if you treat addiction as an illness, You are right @bobo. I found the super-cider 4 pack, and now I feel ill. 
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