Farage criticised for 400,000 job promoting physical gold as pension investment

"Farage is paid more than four times his MPs' salary for the four-hour-a-month job at Direct Bullion, where he has featured in Facebook and YouTube videos. These include reels where Farage explains how you can protect and grow your wealth with tax-efficient gold by putting it into self-invested personal pensions. However, not all of the Reform UK leader's videos include disclaimers that the value of gold can go down as well as up, or that his comments should not be considered investment advice."

"You have got to look at the transaction and storage costs and the whole thing in the round. It is pretty niche stuff. For 90% or more of the population, join your workplace pension, go into the default fund, have a mixture of bonds and equities, plus property and cash. Just do that. The people who could be looking at [buying physical gold] should be reasonably sophisticated investors. It's definitely not for most people and should only be done by someone who understands how physical gold fits into a diverse portfolio."

Nigel Farage receives £400,000 annually for a four-hour-per-month role with Direct Bullion, promoting buying physical gold for placement into self-invested personal pensions. He appears in Facebook and YouTube reels explaining tax-efficient gold in pensions, but many videos lack disclaimers that gold's value can fall and that content is not investment advice. Videos also omit storage costs and the absence of regular income from gold. Pensions expert Tom McPhail describes converting pensions into physical gold as niche and suitable only for sophisticated investors, urging most people to remain in workplace pension default funds with diversified assets.

Read at www.theguardian.com