View more on these topics

MPs in glass houses

I refer to the recent interview in Money Marketing with John McFall, MP.

In view of the fact that Mr McFall is in an extremely powerful position as the chairman of the Treasury select committee and is trenchant in his views when it comes to criticisms of the practitioners within financial services, it would be natural to expect that he would be whiter than white in all matters fiscal.

When one looks at the evidence, it is perhaps a more than a little surprising to discover that the redoubtable Mr McFall is as big a hypocrite as he is critic.

Examining the expenses’ files is illuminating. Mr McFall claims the absolute maximum allowed on his food allowance at £4,800, which, incid-entally, he also claimed during the summer recess. He also employs his wife as a part-time Parliamentary assistant.

None of this is either illegal or against the letter of the rules but then much of the criticism we IFAs have undergone at his hand have fallen under the same category.

Stones and glass houses spring to mind. Let us hope that his successor in the next Parliament will be a worthier chairman of the Treasury select committee.

Harry Katz
Norwest Consultants Middlesex

Recommended

Mott predicts anaemic growth and end to rally

PSigma income manager Bill Mott has warned that the UK market rally is set to end after going “too far, too quickly”. Mott reiterated his view that the UK is set for a period of anaemic growth over the next five years and has repositioned his portfolio more defensively, with more than 85 per cent […]

Euro sceptics

Kira Nickerson Investment Matters Developed markets v emerging markets have been a key dilemma facing many asset allocators through both the downturn and the more recent rally. Many economists and managers agree that Asia and emerging markets offer the best growth opportunities but the developed markets can offer greater stability in returns. But the argument […]

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