From reading our sister title Money Marketing, the WSJ is under no illusions about advisers’ feelings towards the Money Advice Service.
And while it is still far from perfect, things were apparently much worse under the terrible twosome who used to (apparently) run it: former chairman Gerard Lemos and former chief executive Tony Hobman.
Seemingly pleased with his disastrous tenure at the helm of the not-so-good-ship MAS – for which he was paid twice what the PM earns – Tony “because I’m worth it” Hobman has decided he has some advice for pension schemes.
Now chair of the advisory board (or should that be guidance board?) at Lincoln International Pensions Advisory, Hobman says the new “independent advice” for all in retirement means DC schemes need to deliver “accessible, clear and engaging messages” to members.
Ah, Tony! If casually referring to guidance as “advice” is good enough for George Osborne, why shouldn’t you get in on the act too? Well, perhaps because it’s not the first time: back in 2011, the Advertising Standards Authority investigated MAS’s “free, independent, unbiased advice” ad over claims it was misleading.
With two Parliamentary committees issuing damning indictments of his time and salary at MAS, WSJ reckons Hobman has been sent a pretty clear message, but for some reason he just does not want to listen.