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Letter of the week: It is disingenuous to say MAS provides advice

Open letter to the FCA

I believe you are encouraging whistleblowing in order to improve regulatory and compliance standards.

I also understand the you require all those in financial services to be honest, open and not misleading.

In which case I draw your attention to the BBC Breakfast time programme on 29 April (BBC1) in which a spokesman of the MAS was interviewed.

The reporter and the man from the MAS both led viewers to understand that the MAS gave advice. The word advice was used repeatedly. That the BBC doesn’t understand the remit of the MAS is something I’m sure you as the regulator would wish to address. However, permitting an employee of the MAS to be so disingenuous I would have thought is hardly acceptable. Will we now have the public logging on hoping to receive advice when, in fact, all they will get is DIY information.

Wouldn’t it also be a good idea for there to be a strapline for the MAS along the lines of: “For those of you who are unable to access advice the practitioners in the industry have generously funded this service as a first step alternative.”

I guess it would be too much to hope that the title be changed from the Money Advice Service to the Money Information Service.

Harry Katz


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There is one comment at the moment, we would love to hear your opinion too.

  1. Hadn’t you realised Harry? It’s one set of standards for them but quite another for us. Were that not the case, then the MAS would be called the Money Guidance Service.

    Sadly we still live in a society riven with lies, double standards and lack of accountability or integrity. About the only consolation is that the UK in these respects isn’t as bad as many other countries.

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