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Make MSE Financial Links Unbiased & Independent!!

seanko
Posts: 12 Forumite
Post delered, point made
*Signature has been deleted as does not meet the rules of the site*
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Comments
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I find the assertions in your post rather offensive and frankly absurd. You have no knowledge of the contents of this site and how it operates. Your post above is erroneous, offensive and misleading. I do hope before you post again you'll read this carefully and rather than flicking back some argumentative reply - note that this site is
a. Totally independent
b. Totally unbiased
c. Completely pro-consumer
d. Has a parliamentary motion recommending its work
e. Is a rightfully trusted source of info to over 1 million people each month.
If you have any specific questions about the operation of the site I will be glad to answer them. Providing the tone and attacking nature of the above post isn't repeated.
Now let me deal with the points you specifically raise:
1. Why not link to the FSA comparison tables.
The subects covered are
Savings
OEICs
Unit Trusts
Investment Bonds
Pensions
Mortgages
Well first of all mainly because those subjects aren't actually covered on the site.
Of those the only ones actually covered on the site are mortgages and savings. I don't actually recommend comparison sites for mortgages, apart from using wizards for info (which are vastly superior to the FSA comparison) and even then I specifically suggest people don't use them for anything more than info gathering and not to transact.
The savings table again is done better by the commercial info providers, yet they have problems too (as do the FSA which can be slow in getting the info up). As you'll see i only use savings tables with big warnings on.
As a whole I am not a fan of comparison services whomever the provider. They can provide best buy - but this site is about 'deciding what you need, finding the best product, then using it the right way'. Comparison services are for many areras very blunt tools at best.
2. This second point is totally lost on me.
I don't do lists of any advisors anywhere! I'm not a great fan of IFAs except in certain providers..
Currently this site advocates one major mortgage broker.
That's simply wrong. Which one are you talking about? Charcol, Savills, Chase de Vere, Moneysupermarket, Moneyextra... etc all of those are on the mortgage page. I recommend people find a fees free whole of market broker. Of which London and Country is the only national, though as i state there are many good locals. Have you actually read my 'sneakily get mortgage advice for free article?'
Not FSA regulated
Sadly recent legislative changes meant that to have paid insurance leads I had to become regulated for insurnace. In fact i was told by high ups in the FSA that they were sorry I'd been caught by this as catching my site in the regulations was the last thing they'd wanted to do!
Even so it means I am regulated for insurance leads, as the changes in regulations meant i was forced to. As you will see the site is also compliant in leads to mortgage brokers which are noted at the bottom of the mortgage articles too.
Having said that the FSA rules are simply minimum standards and no where near as exacting as the non-profit driven ethical stance I comply to anyway - both in the compliant, non-complaint, shopping, none financial and any other section of this site.
Any recommendation is based on editorial merit only. From what you've written above you need to go and read the full explanation in the About Us section. I am not going to prove that here, its been proven thousands of times I NEVER link to any product/provider other than for editorial reasons of it being the right thing and finance does not impact that.
MartinMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Martin,
Thanks for your reply. Do not be offended!
I didn't even mention Male Pattern Baldness! ;-)
(something I share)
Would be glad to speak to you privately.....
You are a good guy & your heart is in the right place, as is mine.
I have known about you & your site for 3 years.
I have your book 18 inches from this PC.
I was lying in bed recovering from M.E/Chronic Fatigue Syndrome & heard you on Radio 2 for the first time. (cue Violins). I became an IFA after being able to return to work.
It is a job which enables me to work with people whilst offsetting the effects of my illness.
In my post I raised some concerns which many colleagues in the Professional Finance sector share, especially about your "Sneaky" article.
They are scared to say anything because of your position in forming public opinion.
Your sneaky article could be perceived as meaning you are favouring certain organisations.
(the one you constantly mentions which begins with "L", you mentioned them again in your reply!!!)
It makes you look like you are giving them free plugs. I'm sure that is not your intention, but there is a perception that it is.
Maybe you could distance yourself more from certain companies.
As regarding individuals meeting/phoningIFAs/Mortgage Brokers have no intentions of using their services, is that ethical?
Would you do waste the time of your Doctor, Lawyer or Accountants?
IFAs offer a free initial consultation, how many other professions do this?
You get paid for your work & so do you begrudge us a living?
Finance professionals have overheads which can not to be paid for by talk alone.
I'm sure you don't enjoy people wasting your time.
Like me you are a hard working professional.
BTW Well done on your Insurance regulation
What exams did you pass?
Keep up the good work on non Financial Services matters.
Sean*Signature has been deleted as does not meet the rules of the site*0 -
Do I mention L&C a lot, abso-bally lutely - why because they are the big fees free broker with national coverage, because the customer service feedback i receive is almost consistently excellent. Do i intend to stop doing this - nope. No more than i intend to stop naming the top 0% credit card, cheapest home phone provider etc.
Telling people the best is what people come here for. I do it on editorial merit. L&C do get enormous business via my recommendations - and they deliver on it. However i don't recommend them alone, just them of the national coverage phone based fees free whole of market brokers - which is the system i believe in (and as you'll know i know also tell people about how to get cashback).
As for insurance regulation - thankfully no exams were needed, as i'm sure you're away i'm simply an introducer, i have to comply with the requirements and prove i'm solvent and have a complaints procedure.
I'm very pleased about this, I dont want to be a part of the Financial Services community, I am very deliberately and distinctly a different kind of beast from an IFA. I'm a journalist - proudly, agressively, ferociously not part of the financial services industry and very glad about it.
As for "As regarding individuals meeting/phoningIFAs/Mortgage Brokers have no intentions of using their services, is that ethical?" funnily enough travel agents say the same, as do other professions I suggest similar situations in. My answer is two fold "if your service is so good the customer will choose to stay with you" but more improtantly
"we spend our lives being screwed by companies for profit, this site is about screwing them back" that's the motto. Consumer have been duped, sideswiped, missold, misadvised and dumped on by the financial services community (in its entirety) for years.
I appreciate your frankness and removing your first post (though perhaps not the MPB bit)
Now I'm not particularly anti-IFA, though you will find many here who are, often those pursuing endowment or pensions misselling claims against them - so is it unethical - well that depends on your ethics
all the best
martinMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Martin,
I do feature your work quite a bit on my blog.
I have given you the credit you are due & linked to your site.
Before I was an IFA I would subscribe people to your emails.
I do get some the inspiration for my site from the mails.
Although I am careful to avoid plagarism (I'm sure it happens to you)
There are plenty of other sources too: the pub, the financial press, just talking to people.
Yes, I suppose I am in compettion with L&C
I really want to say there are other options local to your readers
I am also like you a bit of a self-publicist (in a nice way I hope)
I did the initial post to see what would happen.
I sent you an email a week ago which would have been lost in your correspondence.
I am an IFA & it does involve selling, but that's the part I hate.
A colleague recently accused me of being soft because I wouldn't sell Critcial Illness Cover to some clients. However they are friends of friends & friends are more important than the extra income. The cover wasn't suitable for them.
We are trying to help people in different ways but there is plenty of room for both of us.*Signature has been deleted as does not meet the rules of the site*0 -
Well you got my reaction sean. Glad to hear about the CI policy not selling, its one of the worst areas. As for self publicity - its always amusing to hear that one- im a broadcast journalist - being on telly and newspapers is my job and what i'm trained to do. I always wonder if people tell Hugh Edwards he's a self publicist.
Still pubicity has meant i can reach a lot of people and start this wonderful site which lots of people used so i won't complain about it
And Im very glad to hear you think there's room for both of us
martinMartin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 0000 -
Martin,
*You'll be glad to hear you have female admirers.
Met 2 women recently in their late 20s who like your way with money & are fans of your recent TV programme.
*Don't be offended by following, it'a a compliment
The way you have used to your website & emails to publicise your journalism should be in every marketing textbook.
*Now, you're doing so well....you'll need advice what to do with the cash!
(a joke!). (Although not as well as the L** Directors!! Yet they still use one of the ugliest buildings in the country)
*Can you establish with L** if they are whole of market? It is a very important point. Your "sneaky" article may need rewriting as a result. Last time I checked they weren't & their website is rather cagey.
*That's all, enough posting. I'm sure you've got bargains to track down for the readers. Also my clients come first. It was fun
Sean
Remember any information on this site should not be construed as advice.
Your home may be repossessed if you do not keep up repayments.*Signature has been deleted as does not meet the rules of the site*0 -
seanko..
I think this thread is totally unacceptable.expecially with the link to your " Homepage"...
( and no before you ask , im not one of Martins " flock, just someone that "ironiclly" has in fact benefited from this site)
You have contradicted yourself .. or was it just your ego you want massaged........0
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