Bringing you live news and features since 2006 

Comment: IFAs deserve better than to be compared to workers at McDonalds


Matthew Timmins (pictured), Managing Director of IFA support company SimplyBiz, comments on the statement regarding current IFA qualifications made by UK’s Treasury financial secretary Mark Hoban.

During a debate on the regulation of independent financial advisers in the House of Commons this week, Treasury financial secretary Mark Hoban commented, “the current minimum financial adviser qualification is at the same level as a diploma in shift management offered by McDonalds. The products that are being sold by IFAs are infinitely more complex and long lasting in their effects than a Big Mac.” 

Mr. Hoban’s comments, in addition to his reported refusal to take any debate or questions from the floor, reveal not only a presumed lack of interaction with his constituents, but also a lack of knowledge about financial services.  Had he consulted his constituents on this matter, I suspect he would have received the same feedback as Ms. Baldwin, Mr. Garnier and the 13 other MPs who raised concerns during the debate experienced.
His inflammatory comparison of IFAs to McDonalds workers is offensive to the thousands of advisers who work tirelessly to provide clients with an important and professional service, and only negates his more rational points about the perception of advisers and the importance of attracting new blood into the industry. How can we improve the perception of advisers amongst the public when senior politicians are making this type of absurd comment?
If Mr. Hoban had been aware of the facts – that independent financial advisers were accountable for only 2% of complaints received by the Financial Ombudsman Service in 2009/10, in sharp contrast to the 61% which were received against banks – he may have delivered his comments with more respect.


Latest News

BlackRock’s global ETP flows report for June finds a steady rise with USD128.1 billion added to global ETPs in June,..
Morningstar’s global ETF flows report for the first half of 2024 shows that actively managed ETFs have captured 25 per..
The surge in bitcoin ETF launches and funds flowing into the sector is transforming institutional investment in digital assets but..
LSEG Lipper’s latest research finds that the majority of actively managed funds and ETFs globally were not able to beat..

Related Articles

Chris Lo, Columbia Threadneedle
In a recent insight on India by Columbia Threadneedle Investments, the firm reports that the country’s economic reforms, which aim...
With an election on the horizon in the United States a group of ETFs is poised to capture investments on...
Robot worker
Qraft Technologies, based in South Korea, specialises in the use of AI in security selection and portfolio construction....
Andrea Busi, Directa SIM
Romain Thomas talks to Andrea Busi (pictured), CEO of Directa SIM, who explains why the online trading platform has just...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by