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Profile: Martin Lewis on MAS, regulation and being advisers’ Beelzebub

Spend five minutes with Martin Lewis and you believe him when he says he is an insomniac who struggles to switch off. He speaks as though he is trying to break speed-talking records, rattling off opinions on pretty much everything, from the ills of the Money Advice Service to how the advice industry should rebrand itself.

Such is his energy, you begin to understand how he turned from a £100 personal finance website into a multi-million-pound empire with 15 million monthly users in just a decade.

He sold the website – which now employs close to 100 people – to for £35m in 2012.

When Lewis sat down with Money Marketing he had just sold £25.2m-worth of shares in Moneysupermarket and announced he will be stepping down from the day-to-day running of the site this month.

He says the advice industry could learn a thing or two from how successful websites serve users.

“I genuinely believe in the IFA market; it is very valuable. But the industry has to look at its bounce rate,” he says, referring to the way web users immediately leave a site if it is not what they are looking for.

“The continued shenanigans around how advisers are regulated – terms like tied, multi-tied and IFAs – hasn’t helped and those distinctions have been blurred.

“My tip for the industry would be to know who you are and what you do. I often mistakenly get called a financial adviser, which I instantly correct, I am proudly a financial journalist. But the public think an adviser will get them cheaper gas and electric bills. That tells you something.

“Advisers should tell people what they can and can’t do, and then the customers you get will be the ones who actually need you. Don’t try and seduce people by pretending to be more than you are because they will be disappointed and that can be damaging for an industry’s reputation.”

Last month the Treasury unleashed what commentators have called RDR Mark II, a wide- ranging review of the market and the impact regulation has had on the affordability and availability of advice.

Lewis says the lack of mass-market advice was an inevitable consequence of the RDR.

“Commission bias was a less bad sin than just making it too expensive for the vast majority of people to get an IFA. We knew at the time that people wouldn’t be willing to pay fees.

“We want to encourage more forms of next generation financial guidance but I don’t think that will ever come close to what an IFA can deliver one-to-one.”

Money Advice Service

Lewis has long been critical of the Money Advice Service, the Treasury’s embattled financial guidance provider. He sits on the MAS challenger panel, set up following the damning Farnish review.

While he says the organisation has a “very different attitude” and is far from the “disaster” days of Gerard Lemos, Lewis says big changes are still needed.  “The IFA community and I are singing from the same song sheet on the MAS.

“The problem is that from day one it misunderstood its remit, which was to ensure the financial needs of the nation are being met. It chose to read that as its role was to meet those needs itself. The money should be for gap provision, not a rent-seeking, brand-building website that is trying to compete.”

Lewis says the levy currently funding MAS could be reallocated more effectively.

“If you told IFAs their money was being spent on improving education for the nation’s youth or kids leaving care at 18 with no idea about any form of independent finance, who have been institutionalised and get themselves in terrible trouble, I can’t see many objecting. It’s the same with financial education in schools. In the long run it is a way for IFAs to create new customers.”

Lewis’ own relationship with advisers has not always been smooth. “I am a big fan of people getting independent financial advice, and I have been doing so throughout my career, so I am somewhat disheartened when I see IFAs tend to think I have the horns of Beelzebub,” he says.

He has been criticised for coming close to giving recommendations on regulated products. But Lewis says the type of scrutiny that websites and IFAs face cannot be compared.

“I have had IFAs having a go saying it’s outrageous our site is not regulated. We are regulated in some areas where it is necessary to be but the bigger point is you can’t deny that, if an IFA were to give some horrendous advice one-on-one in their office, you have massive evidential issues with what’s happened.

“In my job, we published to 15 million people a month and you can check whatever we’ve written back in time. I have no deniability.

“So there is an implicit scrutiny of those of us who work in mass media and I would argue our scrutiny, while it is not regulatory scrutiny, is just as tight.”

Debt and mental health

So what is next for Lewis? He will stay on as executive chairman and continue to present his ITV show but he will devote more time to his charity work and set up a mental health and debt research organisation.

“The more I’ve done this job, the more I found that most people with debt issues have mental health issues. I’ve suffered from serious stress myself. I’ve been lucky that if I needed to take some time off I didn’t need to worry about paying the bills. God knows how I would have coped if I also had to panic about going to work when I couldn’t.”

He is also taking tentative steps outside financial services, eyeing a few non-executive directorships but swears MM to secrecy. Watch this space.


2012-present: Presenter, The Martin Lewis Money Show (ITV1)

2011-present: Chair, Independent Task Force on Student Finance Communication

2003-present: Founder, Moneysaving

2000-present: Regular media commentator

1998-1999: Reporter/producer, BBC Business Unit

1995-1998: Account executive, Brunswick PR

What’s the best bit of advice you’ve received in your career?

Not everybody is capable of helping themselves.

What keeps you awake at night?

Everything. I find it very difficult to switch off.

What has had the most significant impact on financial advice in the last year?

Nothing comes close to pension freedoms. I have great concerns that the more
options you give people, the more difficult it is to make decisions. We’re a risk-averse nation and many people will die with money they haven’t spent and we’re encouraging that by cutting tax on money left over.

If I was in charge of the FCA for a day I would…


Any advice for new advisers?

Provide a good, trusted service that goes the extra mile. In the long-term it will come back to you as you build a brand and a business.



Martin Lewis: MSE should not be regulated like IFAs founder Martin Lewis says advisers’ client meetings have “massive evidential issues” and claims his website should not be judged alongside the advice industry. In a interview with Money Marketing, to be published in full in our next issue, Lewis hits back at criticism his website is not under close enough scrutiny. He says that, […]


Martin Lewis steps down as editor founder Martin Lewis is to step down from his role as editor-in-chief to become executive chairman. Lewis agreed to stay on at the personal finance website as part of a two-year deal struck when was sold to MoneySupermarket Group in September 2012 for £87m. That deal has now come to an end. From […]


Martin Lewis and Chris Hannant to join MAS ‘challenger panel’

MoneySavingExpert founder Martin Lewis and Apfa director general Chris Hannant will sit on a panel overseeing the Money Advice Service’s response to the Farnish report. After the Farnish review recommended a fundamental overhaul of the MAS in March, it pledged to investigate the findings before reporting back to the Treasury in the autumn. Money Marketing […]


Martin Lewis aiming to join MAS review ‘challenger panel’

MoneySavingExpert founder Martin Lewis has offered to sit on a panel overseeing MAS’ response to the Farnish report after being invited by MAS chief executive Caroline Rookes. The report, published last week, called for MAS to halve its budget for money advice, as well as undergoing a substantial restructure. Pledging to review the findings, MAS chief […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]


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There are 9 comments at the moment, we would love to hear your opinion too.

  1. Simple question for Martin:

    What qualifications in financial services do you hold in order to be called an expert?

    • Peter, you don’t understand! You only need to watch breakfast TV to realise that the pecking order is (from the bottom) journalist, man/woman-in-the-street, do-gooder-TV-guest, expert, and finally ‘qualified person’. Just because he calls himself an expert it doesn’t make him an expert!

  2. I think a lot of the anger directed at Martin is misplaced.

  3. I agree with Mick

    I have seen people qualified to their armpits who are pretty useless and I certainly would not wish to engage them as an adviser or have any of my clients near them.

    No one is perfect – not even Martin (but excluding me!!). He has been a breath of fresh air – even if you don’t agree with everything. But there is a fair bit on which to agree.

    I sometimes wonder if some IFAs forget the ‘impartial’ bit.

  4. The problem is he hasn’t always come across as being supportive of IFA’s. He’s also sat and said things which in my book constitute financial advice and therefore he should come under the same form of regulation as we do.

  5. Personally speaking, I think Martin is brilliant and he has been a breath of fresh air for the clients or consumers that advisers are unwilling or unable to deal with. The majority of people in the UK can’t afford financial advice and don’t have large sums to invest or large pension pots to worry about. They need a simple advice service that helps them to pay down debt, obtain the best rates on their credit cards, store cards, mortgages and increasingly importantly, utility bills. Martin provided this and I hope that he continues to do so and that more like him will help those that need advice the most!!

  6. Martin, you state you have to inform people you are a financial journalist not a financial adviser, surely you can now see why you and the website should be regulated and regulated heavily especially with access to so many trusting people.

    If you don’t want to be regulated and are happy providing people how to save 5p on a tin of beans make it clear , with a pop up box, when a person clicks onto pensions/investments they should seek financial advice and provide a link to the usual sites.

  7. What at thouroughly nice bloke !

    I wonder what connection a person upto their ears in debt has by taking a expert view from someone with £25 odd million in his back pocket

    Maybe just because his back pocket is full of cash is enough to be expert at something

    But then isn’t the definition of expert …….. A drip ?

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