1993: Our Story Begins

1993 Cardens Begins

This Year we’re celebrating Cardens 25th Anniversary. 1993 to 2018.

Inevitably it’s a time to reflect and reminisce so I thought it might be fun to look at some of the events and highlights in 1993, both in the public domain, personally and for Cardens. I hope you enjoy this little trip down memory lane…

In the summer of 1993 I made the decision to set up my own independent financial advice (IFA) business. I felt both relieved and excited. I thought the time was right to be running my own show.

Looking back now, I’m surprised that I wasn’t more apprehensive. Michael and I had two young children aged 3 and 15 months, a mortgage and I was giving up a good salary. But I wasn’t fazed. I’ve always been optimistic and that’s exactly how I felt then.

Of course it helped that all of the clients I had been working with at my previous firm and who I hoped would want to continue with me, confirmed their agreement. I felt very fortunate.

For the first few weeks I worked from our spare bedroom before moving into a serviced office in Clifton. I took on a part time secretary and it was business as usual. Except this time it was my business.

In 1993…

  • Britain’s best selling car was the Ford Escort
  • The first high speed train journey in Channel Tunnel took place.
  • Buckingham Palace opened to visitors for the first time.
  • The average house price was £50,000
  • Petrol was 55 pence a litre.

It seems that 1993 wasn’t a bad time to start a new business.

In January the Bank of England had lowered interest rates to 6%, the lowest since 1978. Unemployment was falling (10.6% at 3m) and inflation was at a 33-year low of 1.6%.

In the April Budget the Chancellor, Norman Lamont declared the official end to the three year recession after revealing that the economy had grown by 0.6% in the first three months of the year.

Norman Lamont’s career was not going so well however and a month later he resigned. He had been unable to recover from Black Wednesday the previous September which had seen the pound driven out of the ERM by frantic currency speculation. Lamont was forced to spend billions to try and prop up the pound, which failed, resulting in the pound being devalued.





Photo Credits: RLGNZLZ
  • Hillary Carden

    Hilary is a force to be reckoned with in the pensions field. She founded Cardens in 1993 and Cardens Pension Trustees Ltd in 1995 and became one of the first women to become a Registered Life Planner® and with 30+ years experience of advising on and managing pension schemes, she really is an expert in retirement and financial planning.

    Join her online: