View more on these topics

McAteer says Which? is winning the war

Watchdog once told it should ‘stick to testing toasters’ but it has built a powerful reputation

Mick McAteer says Which? is winning the war against the powerful financial services lobby and that his proudest achievement is putting consumer interest at the heart of retail financial services.

The outgoing principal policy adviser says when he started, industry reps at conferences were telling him Which? should “stick to testing toasters” but since then it has built a powerful reputation for holding the industry to account.

McAteer lists other important Which? achievements such as the introduction of stakeholder pensions, although he says it was undermined by “industry-propagated myths” influencing Government support for the NPSS and Which?’s endowment campaign.

He says Which? was instrumental in lobbying for a single retail regulator, even if the end-structure, performance and effectiveness of the FSA have disappointed him.

McAteer believes the move to depolarisation was “madness” and it is clear that the regulatory structure, culture and approach of the FSA is not fit for purpose.

He says Which? has always been supportive of the true IFA sector, even if it may not have always come across that way, and IFAs need to do more to differentiate themselves from the rest of the advice market in a more complex and unpredictable world for the consumer.

McAteer says: “The odds are and always have been stacked against us and we may have lost some battles but there is no question that we are winning the war.”

Informed Choice managing director Nick Bamford says: “I have probably disagreed with much of what he has said over the years but we as an industry have to be willing to be challenged by people like Mick and he has played an important and valuable role in debates on financial services.”

Recommended

Get down to the facts

Research by the FSA in the field of lifetime mortgages has found significant weaknesses on fact-finding carried out by advisers before coming up with a recommendation.

Firms must have close regard for knowing and understanding all elements of their clients’ financial circumstances.

Support for IFAs and FSA

IFAs fulfil an invaluable role for small and medium-sized investors and are unfairly criticised because of the actions of a few, says New Star chairman John Duffield. He says the big banks are not as interested in the smaller investor, who he believes will suffer if IFAs are squeezed out of the market. He says: […]

Edmans urges Nationwide to enter equity release

Safe Home Income Plans chairman Laurie Edmans is calling on Nationwide to enter the equity-release market. The former Aegon stalwart believes the society’s ethical background would help the market build a reputation with the public although he understands its reticence about going into the sector. Earlier this year, Nationwide chief executive Philip Williamson said the […]

Correspondent’s week

This week by Sunday Telegraph acting deputy personal finance editor John GreenwoodBeing a personal finance journalist is all about being stingy. There is nothing wrong with stories along the lines of “Just a slight reduction in personal hygiene can save you pounds on your water bill” and, let’s face it, everybody likes a bargain. But […]

The fifteen-year itch

By Neil Jones Technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The treatment of non-UK domiciles that are resident in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    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