The findings last week highlighted basically that people are better off going to see an independant adviser or broker, yet I still see the headline on GMTV, ‘How Financial Advisers Could Be Failing The Public’. The perception of this is IFAs, as most people don’t see banks or tied companies as advisers but just ‘their bank’ or ‘their provider’.
Surely a better headline would be, ‘Better Advice Available Through Independent Advisers’? But no, they still have to get a dig in.
I am fed-up with Which? and the BBC slating us. The FSA has investigated self-cert and the non-conforming market and, yes, have found some irregularities. But on the whole, the regulator seems happy with the market. There is always going to be the ‘cowboy’ element in every industry, but for once, why not highlight the heroes instead of the villains and try to increase public confidence rather than doubting all the time.
Doesn’t the BBC know that the FSA has looked into the issues that it raised again (Money Programme, Radio Four, 24 September 2007) or is it just clutching at straws because there is no new scandal to have a go at us with?
I would like to see a poll conducted by the BBC and Which? of how many people have contacted an IFA/broker and been satisfied with the advice against those that haven’t. Can’t say we’ll ever see it, as the FSA isn’t going to fight our corner. Why should it? We only support it with our fees, which would not be affordable if we were out of business, which would, in turn, make the FSA a pointless organisation. Now there is food for thought.
Nigel Pamment
Inspirational Financial Management
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