View more on these topics

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

Recommended

Henderson AUM up 5% after return of retail inflows

A return of retail inflows has helped Henderson Group grow its assets under management by 4.9 per cent in the opening three months of 2013. The group’s latest interim management statement shows total AUM stood at £68.9bn on 31 March 2013, up from the £65.7bn reported at the start of the year. The amount of […]

Savers could face tax hit from automatic drawdown income rise

Hornbuckle Mitchell has warned clients could face a tax hit as a result of providers automatically increasing their drawdown income to the new 120 per cent maximum. Chancellor George Osborne announced in his Autumn Statement in December plans to raise the maximum income a person in drawdown can take from 100 per cent of the […]

5

Judge dismisses mortgage misselling case as client was ‘negligent’

A court has dismissed a negligent advice claim against a Savills Private Finance broker despite finding the adviser had been in breach of his duties, as the client was guilty of “contributory negligence”. The case has lead experts to point out that mortgage misselling claims are not as straightforward as payment protection insurance. The case related […]

Guide

Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

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.

Leave a comment

Close

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

Email: customerservices@moneymarketing.com