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Adviser 2008: PFS says advisers should whistleblow on other firms

Personal Finance Society chief executive Tim Eadon says advisers should whistleblow on other firms that are not acting in a professional manner.

Speaking at the Adviser 2008 event in London today, Eadon said that in order to maintain the integrity of the profession, advisers should report each other to the FSA if a consumer has had a bad experience with them.

Eadon said: “Are we by implication condoning that behaviour if we don’t report it or whistleblow? In other professions you would be expected to do that.

“Let’s get some high profile names out there that aren’t doing things right. We want people to know that we are kicking advisers out who are no good.

“We get measured by our lowest common denominator which is unfair.”

Eadon also said that financial advice was not yet a profession.

He said that it cannot be called a profession when less than half of all advisers belong to a professional body.

He added: “Wouldn’t it be great if once we are working to all the same standards and qualifications, the regulator could take a step back. It would be great if the FSA could regulate us less and instead concentrate on promoting the industry more.”

Comments (4)

Sounds a bit like self promotion to me.

Terry, IFA, Colchester

I am very surprised at this proposal. Show me a solicitor/lawyer/doctor
prepared to welch on a colleague. It does not happen often in other
professions why would it happen in our industry.

I know of CEO’s/MD’s within insurance companies who made a pigs ear of
running thier business. Should MD’s/CEO’s welch on each other or is this
just another case of do as I say and not as I do? Derek Baillie

Tim Eadon has not come across well. Since when did the belonging to any organisation guarantee standards. Standards are only guaranteed through “policing” Is Tim suggesting that Professional bodies “police” more so the FSA can “police” less? Still the same result for the adviser – just a different name to come and visit – jobs for the boys springs to mind although I probably feel that is not what he meant.

Ray Randerson cert.PFS cert CII(MP)

The job of the adviser is to look after the clients best interests, if he comes across a client who has been treated poorly by another adviser he should help the client by directing him to the relevant authority or the regulator so that a complaint can be registered and dealt with properly. To ask the adviser to whisleblow on the other adviser creates an unprofessional approach to solving problems. After all, the regulator and other authorities in the industry were created to deal with the problems and they are best placed to review the feedback from unhappy clients and take any appropriate action.

Stan Belfast

Tim Eadon seems to have confused the role of a professional body with that of a regulator with that of the judiciary. This was a very naive and ill thought out speech. I could pick out a number of quite worrying statements made by Tim in his role as Chief Executive of the PFS, but I chose this one as it says a lot about his attitude: “Let’s get some high profile names out there that aren’t doing things right. We want people to know that we are kicking advisers out who are no good”. Is it a witch hunt that he wants?

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