Martin Lewis roasted for giving "diabolical" advice on C4

going2die_rich

funkey_monkey wrote: »

I do think that many took the advice of ML on Icesave and banked with them. After all, many trusted his opinion as he was a regular face on TV and media - hence they might have took Icesave more at face value than they would have otherwise.

He also pointed out that it wasn't part of the normal UKs protection scheme and it was using the passport protection scheme. This is the reason I never put my money in it even when it was top for savings. I'd rather have security than blindly putting my money in anything to get a few extra few pounds over the year.

People should have been wise enough to trust their own country, and stuck with those products under that protection. After all, unless you go out of the way do you know how another country is doing? At least with your own you know when things are bad.

I bet many people didn't even bother reading his advice and just looked at his top savings account and picked them.

DigitalJedi

OMG, what a totally cheap stunt for C4 news to pull!

Firstly using a disabled man in such a way to draw the sympathy vote.

Secondly to try and suggest Martin gave bad advice. At the end of the day we're all responsible for our own decisions. There are disclaimer's all over this website that you need to get proper financial advice. You should also in the current climate never put over £50k in any bank unless like Martin said that you are so rich you'd run out of banks!

Sheesh. Martin none of this is your fault and those who think it is are the types that always blame everyone for everything but themselves. Nothing is ever their fault.

bc3000

Why is everyone blaming Martin Lewis?! How is he responsible for this? We can all make our own minds up about where we put our money. Everyone seems to have forgotten how much money he's saved us all, through 241 meals or compensation from banks etc.

going2die_rich

We are currently doing the rounds on wiping Iceland out, should we add Channel 4 to the list?

I'd like to nominate all the MPs and financial advisors that were involved in putting council money in ANY non-UK bank on the list as well.

Lokolo

As long as we can keep Hollyoaks, the IT Crowd and Peep Show I am happy to get rid of C4.

payless

We can all make our own minds up about where we put our money.

to play devils advocate .. he did not use that train of thought when he promoted endowment mis-selling claims

bonsoirbonsoir

Personally I think John Snow did Martin Lewis a favour. He allowed Martin to fully explain the steps he had taken in ensuring the risks of taking his advice were made clear.

And the argument that long term savers may not have read his more recent advice is idiotic. Take any bank that seems safe now, it would make sense to say 'this bank seems safe, put some of your money there', but what bank can be guaranteed to be safe in the future? If you take that attitude then you shouldn't take anyone's advice because at some point in the future you'll be blaming them for something!

oxocubes

Silly student, IMO there is nothing more pathetic than whinging and misdirected anger. You should learn to get down to the nub of the problem - in the case of icesave its the credit crunch.

You will experience many problems throughtout your life, and if you take the advice I've given above, you will realise that all of your problems are ultimately your mothers fault, because she gave birth to you. Blame her not Martin!

Grow up, take it on the chin and move on.

webdigga

oxocubes wrote: »

Silly student, IMO there is nothing more pathetic than whinging and misdirected anger. You should learn to get down to the nub of the problem - in the case of icesave its the credit crunch.

You will experience many problems throughtout your life, and if you take the advice I've given above, you will realise that all of your problems are ultimately your mothers fault, because she gave birth to you. Blame her not Martin!

Grow up, take it on the chin and move on.

Why have you written a childish post asking someone to grow up?

Leon_W

I quite agree payless.

Most endowments were sold on the premise that they had always paid out enough to cover a mortgage so why shouldn't they do so in the future ? In fact, all the illustrations had to be based on growth figures given by the government in the first place ! OK, it turned out not to be the case but there was a compensation scheme.

There is no doubt that Mr Lewis has received a blo*dy nose over this. There is a difference between telling people where to get the cheapest credit card or tin of beans and influencing people on where to invest their life savings.

I do get the point that he hasn't "advised" them but he should have a degree of moral responsibility (which I'm sure he has) as he will have a great degree of influence over a section of society that are pre-disposed to watching GMTV etc.

It only takes one episode like this to ruin everything and as an adviser I'm more aware of this than anyone. We now have to jump through hoops when advising on any financial transaction, and rightly so !

I personally think that Mr Lewis probably got a "get out of jail free card" on this one because could you imagine the repercussions if good old Darling hadn't guaranteed the deposits ?

Tins of beans, yes. Credit cards, yes. Fuel switching, yes. Regulated financial services, pensions, investments, mortgages, no. As I think Mr Lewis admitted, there isn't enough time in a 5 minute slot to give anyone both sides of the argument and all the relevant caveats regarding such.

Regards