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.