This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+cover+small+241014
Categories:Regulation

Moneysavingexpert.com founder echoes fears RDR will cut access to advice

  • Print
  • Comments (15)

Moneysavingexpert.com founder Martin Lewis has echoed warnings the RDR will reduce access to advice.

Giving evidence to the Treasury select committee this week, Lewis said: “By the nature of what I do, I deal with a wide spread of the public. I worry that if you ask people to pay for financial advice, they will not pay.”

He said there is a lack of understanding of the advice landscape among consumers, adding that some people went to banks and were sold payment protection insurance thinking that the commission-incentivised seller was an adviser.

He said: “I am not the greatest fan of IFAs but I certainly think they are better than tied agents. They are far better at what they do, which to me is protection, pensions and investment advice, than somebody who does not have a clue.

“Tying an IFA’s hands by not allowing commission, in an environment where people would prefer it, seems to be a problem for me.”

  • Print
  • Comments (15)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Readers' comments (15)

  • "They are far better at what they do .... than somebody who does not have a clue."

    Gee, thanks Martin!

    Unsuitable or offensive? Report this comment

  • Great comments Martin

    Unsuitable or offensive? Report this comment

  • I find Martin's comment very patronising and insulting, and this man we are to believe to have a credible opinion when he was promoting Crown Currency Exchange who now owes £20 million to the public he supposidly champions.....!?

    Unsuitable or offensive? Report this comment

  • The answers he gave about who regulates him and who pays him were news to me. He said nobody regulated him because he was a financial journalist and compared his business to the Sunday Times Money section. Except financial journalists are regulated and newspapers I thought sold advertising not links in editorial? Can I pay for a link in a Sunday Times editorial? If he is unregulated and he is paid by companies to sell products and services he recommends through shared links with price comparison websites, then what he is saying is there is no need for any regulation of how financial products are sold.

    Unsuitable or offensive? Report this comment

  • It is a very sad state of affairs when a prominent select commitee goes to Martin Lewis for Advice Why do they not speak to Noddy and Big Ears who have are as much qualified as he is to talk about such Matters .Martin Lewis is too thick to realise the damage he has done to Financial Service .Some people hang on his every word That is why nobody will trust any IFAS and will have no protection and pensions

    Unsuitable or offensive? Report this comment

  • I have been told that Martin is a very successful man, made a fortune doing what he believes in, all completely unregulated.

    He is right that an IFA is better than a tied agent for many reasons, primarily due to the choice of whole of market.

    A senior FSA Director told me a bank's payment protection insurance was 'better than nothing' when I was describing the lack of choice with regard to income protection products offered by banks.

    There is a distinct lack of understanding, appreciation and knowledge of what an IFA can do among regulators and politicians alike. They are wearing cloth ears.

    Unsuitable or offensive? Report this comment

  • Thank you Martin.

    I do not understand the bad remarks from some above, if he is not a great fan of ours well fair enough that is his choice, but he thinks we are the best there is.

    If quality CPD was added instead of qualifications and we started behaving as one and cracked right down collectively on some of our over eager counterparts who think they are gurus and try and self promote themselves for their own benefit then we could proceed a lot better than we are now.

    We then should approach the likes of Martin Lewis and help him understand that different IFAs work in many different areas of society and industry which is why we are not all the same, help him understand the niches within our industry.
    Martin only deals with the general public and many Mr and Mrs Averages unlike many louder IFAs.

    Unsuitable or offensive? Report this comment

  • Thank you Martin.

    I do not understand the bad remarks from some above, if he is not a great fan of ours well fair enough that is his choice, but he thinks we are the best there is.

    If quality CPD was added instead of qualifications and we started behaving as one and cracked right down collectively on some of our over eager counterparts who think they are gurus and try and self promote themselves for their own benefit then we could proceed a lot better than we are now.

    We then should approach the likes of Martin Lewis and help him understand that different IFAs work in many different areas of society and industry which is why we are not all the same, help him understand the niches within our industry.
    Martin only deals with the general public and many Mr and Mrs Averages unlike many louder IFAs.

    Unsuitable or offensive? Report this comment

  • Thank you Martin.

    I do not understand the bad remarks from some above, if he is not a great fan of ours well fair enough that is his choice, but he thinks we are the best there is.

    If quality CPD was added instead of qualifications and we started behaving as one and cracked right down collectively on some of our over eager counterparts who think they are gurus and try and self promote themselves for their own benefit then we could proceed a lot better than we are now.

    We then should approach the likes of Martin Lewis and help him understand that different IFAs work in many different areas of society and industry which is why we are not all the same, help him understand the niches within our industry.
    Martin only deals with the general public and many Mr and Mrs Averages unlike many louder IFAs.

    Unsuitable or offensive? Report this comment

  • I actually believe that Martin Lewis does a superb job for the average consumer, and his assessment of banning commission completely being counter productive to the average person on the street is also fair. However, he has missed a trick in his portrayal of IFA's roles in the community, effectively suggesting that they are the best of a bad bunch, which unfortunately still leaves a negative undertone. Although you would hope that anyone listening to this would still seek advice from IFA's in general to make up their own opinion, why does Martin tar the whole industry with the same brush with sweeping statements like he has? I'd like him to furnish us with details on the number of advisers he has assessed in arriving at his opinion, to give some substance to his disregard for this crucial part of the financial advice community.

    Unsuitable or offensive? Report this comment

View results 10 per page | 20 per page

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you think Citizens Advice is capable of delivering a good at-retirement guidance service?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments