Treasury financial secretary Mark Hoban’s comments likening the current required qualification level for IFAs to a diploma course offered by McDonald’s are offensive and betray a lack of knowledge about financial services, says SimplyBiz.
Hoban made the comments in a Westminster Hall debate this morning which addressed the RDR’s impact on advisers.
SimplyBiz managing director Matthew Timmins (pictured) says: “His inflammatory comparison of IFAs to McDonald’s workers is offensive to thousands of advisers who work tirelessly to provide clients with an important and professional service.”
“How can we improve the perception of advisers amongst the public when senior politicians are making this type of absurd comment.”
He added: “Hoban’s comments reveal not only a presumed lack of interaction with his constituents, but also a lack of knowledge about financial services.”
The debate was secured by Conservative MP Harriett Baldwin who had received a number of complaints from IFA constituents and 13 other backbench MPs backed up Baldwin’s concerns during the debate.
Hoban said: “”The current minimum financial adviser qualification is at the same level as a diploma in shift management offered by McDonald’s. The products that are being sold by IFAs are infinitely more complex and long lasting in their effects than a Big Mac.”
Baldwin took 13 interventions during the debate while Hoban took only one in half the time.
Timmins says: “Had he consulted his constituents on this matter, I suspect he would have received the same feedback as Ms Baldwin, Mr Garnier and the 12 other MPs who raised concern.”