Speaking at a Treasury select committee meeting on Tuesday, Labour MP for Bassetlaw John Mann used a recent Sunday Times promotion run by Hargreaves Lansdown which offered the chance to win £100,000 or an Audi A3 car to question City minister Lord Myners on ethics in the financial services sector.
The prize draw was open to Hargreaves customers who were taking out a Vantage Isa, fund account or self-invested personal pension.
Mann said to Myners: “A prize draw – aren’t we just getting back into the same old cycle? Isn’t this business as usual and money for nothing? Isn’t this the kind of thing you should be cutting out?”
Hargreaves Lansdown chief executive Peter Hargreaves says: “If Mann knew anything about finances, he would know that this is a savings promotion. We think it is a good thing to promote saving and politicians should agree.”