View more on these topics

Profile: Equanimity MD: ‘The FCA has done nothing to instil public confidence in advisers’

Equanimity managing director Helen Howcroft on defeating sexism in the industry and promoting advice more effectively

Equanimity managing director Helen Howcroft is the type of person who rolls her sleeves up and just gets on with things. That has been an advantage in an industry which has made a lot of progress in recent years but still has a way to go in some respects. Take diversity, for example. We might be moving away from the stereotype of the white middle-aged male adviser but some elements of the industry have been slow to catch up.

When Howcroft was interviewed in the financial press last year, the online comments from her male peers somehow veered onto her looks. How has Howcroft fared as a woman in financial services since joining in the 1990s?

“I’ve seen some awful things in my career – things that are so sexist,” she says. “At one company I worked for, every time a woman walked into the room they were eyed up and down. And a couple of years ago I was at a Personal Finance Society event, and one speaker came out with gag after gag containing sexual innuendo and derogatory comments about women. It felt like we’d gone back 20 years, but if you work in the industry you must be able to give as good as you get. You can’t be offended by innuendo.”

Profile: Magenta Financial Planning boss on encouraging more women to become advisers

Howcroft says women in the industry sometimes have to “put their head above the parapet and fly the flag for female advisers” but in doing so may open themselves up to criticism from male peers.

That said, she is keen to point out all men cannot be tarred with the same brush, having had some great male mentors throughout her career.

We need to do something to try to encourage more people from different backgrounds

Parts of the industry are trying to address the gender balance by organising women-only events and awards presentations. Although Howcroft has attended some of these and has been nominated for one of the awards, she does not agree with the female-only concept.

“It puts people’s backs up. I know a lot of female IFAs who won’t apply for those awards. Imagine what we’d say about awards that only men could apply for. There has to be a bit of balance – why not have awards for best male IFA and best female IFA?”

CV – Helen Howcroft

2004-present: Managing director Equanimity IFA

2002-2004: Senior broker consultant, Scottish Equitable/Aegon

2001-2002: Broker consultant, Norwich Union

1998-2001: Pension broker consultant, Scottish Amicable/Prudential

1997-1998 : Trainee broker consultant, NPI

1996-1997: Telephone health adviser, Legal & General

1993-1997: Administrator, HLW Insurance Brokers

For Howcroft, the industry’s problem is less about the ratio of men to women and more about the lack of diversity across the board. This lack of diversity has helped to reinforce negative perceptions of advisers in the mind of Joe Public.

“Most people think a financial adviser is a cheesy salesman in his early 50s wearing a pinstripe suit. We need to do something to try to encourage more people from different backgrounds to join the industry.

“If we had diversity in the industry, it would make people think more about what a financial adviser is these days. There are so many good advisers out there but our industry has a tarnished reputation.”

Howcroft believes the regulator could do a lot more to promote the industry to the public.

“The FCA has done nothing to instil confidence in the public to go to advisers. It never tells the public what a professional industry we are, or how it takes years of exams to get to the required level of qualifications,” she says.

What makes an outstanding advice firm?

Negative stories about advisers in the national press also reinforce public opinion that advice is not worth it.

“There’s a lot of criticism about charges being increased for advice and the public hasn’t got a clue. Advisers have to charge for the advice they give. If people think the way to get the public to get advice is to tell them we won’t charge them, then we’re not going to be there to serve them.”

Howcroft acknowledges that the move from commission to fees post-RDR has made advice inaccessible for many.

“I could never see a problem with agreeing a fee to be taken from the product over a certain number of years to pay for advice. But these days you do not advise clients who want to save on a regular basis. Unless they have the capital how can they pay for advice?”

I see women have a successful career, take a maternity break and all of a sudden they lack confidence getting back into work

Howcroft followed a fairly traditional route into advice via the insurance sector and working as a broker consultant before setting up Equanimity in 2004. Having lost both her parents at a young age (her father died of multiple sclerosis aged 29 and her mother died of cancer aged 35) she was brought up by her grandparents from the age of 10.

It was her grandfather who set her on the path of a financial career. He was instrumental in educating her around things like saving and budgeting – but Howcroft is concerned about the implications for people who never have that sort of influence in their lives.

Just 17% of adviser websites list fees, study finds

“School doesn’t prepare you for adult life when it comes to finances. I believe teachers try to give that guidance but there is so much more education needed on what products there are. There is massive lack of education about what people should be doing with their finances and, in relation to women, it’s a very complicated thing,” she says.

“I see women have a successful career, then take a maternity break and, all of a sudden, they lack confidence. That’s why many find it difficult to get back into work. When they’re at home, the traditional rules take place; the husband deals with the finances and before they know it they’re 50 and haven’t seen what’s been going on.”

One of Howcroft’s specialist areas is divorce, where she deals with many women “clueless” about financial matters at the same time they are having to deal with the stress of such a life-changing event. Having gone through a divorce herself, Howcroft believes that being able to draw on personal experience can help those clients.

“I give the client an explanation as to why I’m recommending something, show I can empathise and understand their predicament and get them building a picture in their heads as to why it’s necessary.”

Five questions

What’s the best bit of advice you’ve received in your career? 

Don’t underestimate how hard it is to run a business. The management and business stuff takes you away from seeing clients.

What keeps you awake at night?

Trying to find more advisers to come on board I can trust to give advice the way I do.

What has had the most significant impact on financial advice in the last year?

The implications of Mifid II.

If I was in charge of the FCA for a day I would…?

Talk to lots of advisers from smaller businesses and listen to what’s going on in their day-to-day business.

Any advice for new advisers?

Don’t underestimate how hard it is to find new clients.


EU rejects govt’s Brexit financial services plan

Europe will lose decision-making autonomy and be worse off under the terms outlined in last week’s Brexit whitepaper from Theresa May’s government, says the EU’s chief negotiator. The UK government scrapped its plans for mutual recognition of regulation in the whitepaper. The whitepaper instead proposes an equivalence model, similar to that used by Singapore and the […]

Lloyds faces up to HBOS whistleblower case again

After allegedly silencing a whistleblower who wrote an internal report criticising Lloyds Banking Group’s handling of fraud, Lloyds Banking Group has agreed to reopen the case, The Financial Times reports. Using her insight from working as an employee in the bank’s high-risk division, Sally Masterton claimed that some of HBOS’ executives from the Reading branch […]


FCA blasted over ‘attitude problems’

The FCA has been criticised by the Complaints Commissioner for a lack of empathy and openness, which it attributes to the regulator’s “attitudinal problems”. The Complaints Commissioner 2017/18 annual report says the FCA needs to tackle problems with “defensiveness, lack of candour, and lack of empathy”. The report says while only a small proportion of […]

Andrew Bailey BBA Conference 2012 480

FCA chief picks up £75,000 bonus

FCA chief executive Andrew Bailey received a £75,000 bonus for 2017/18, the regulator’s accounts show. Part of the bonus has been deferred and will be paid in 2019. The portion of the bonus already received has been donated to the FCA’s staff charities, Richard House and the Alzheimer’s Society. The bonus is a £10,000 increase […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 24th July 2018 at 1:44 pm

    For as long as horror stories about bad advisers continue to surface (the latest, of course, being the BSPS transfer debacle), the FCA can hardly put out a blanket statement to the effect that we’re a decent, professional group of people. A small minority plainly still aren’t.

    The real issue is why the FCA has failed and continues to fail to identify, home in on and take swift and effective action against this rogue minority. It gathers tons of data but much of it is spurious and the FCA appears not to examine it in any sort of detail, let alone do anything useful with it.

    So, if there is a crisis of public confidence in the advice profession, this must surely be in large measure due to the regulator having failed in its statutory responsibilities to clean it up.

  2. Totally agree with you Julian: “The real issue is why the FCA has failed and continues to fail to identify, home in on and take swift and effective action against this rogue minority. It gathers tons of data but much of it is spurious and the FCA appears not to examine it in any sort of detail, let alone do anything useful with it.

    So, if there is a crisis of public confidence in the advice profession, this must surely be in large measure due to the regulator having failed in its statutory responsibilities to clean it up”.
    It’s the incompetence of the FCA that is to blame for much of the mess the financial industry is in. Some of the actions that have cost a lot of money (the cretins are excellent at spending other peoples’ monies) often seem like vality projects done to justify their miserable existence instead of concentrating on stamping out bad practice and crooks.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm