Bank salesman turned MP makes lazy comment

I read an interesting article on IFAOnline today.

Apparently former Lloyds TSB ‘adviser’ turned Labour MP Chris Evans (no, not the Titian haired TV Presenter) has claimed that IFAs are all the same and only out to sell you a product.

Shame really that he was just too lazy to do the research but perhaps we should not be too surprised.

It is quite common for our politicians to try to stick a one size fits all label on large groups of people.

It really is a pity that they don’t expend more effort in actually trying to gain a better understanding of the way it works but perhaps he was getting into summer holiday mode and couldn’t be bothered to actually do the work.

Few IFAs will take kindly to any criticism from an ex-Bank Salesman. He may try to give himself a grand title such as Personal Account Manager but that is just code for “product flogger”.

Anyone with half a brain (so using the same generalisations as Mr Evans that means all MPs) knows that by far and away the most inappropriate product sales have come from the banking sector.

The consumer of UK financial services should be celebrating the fact that many retail banks seem to be pulling out of the market for advising consumers.

They should also be celebrating the fact that many IFAs if not already qualified to the Level 4 required by the regulator under the Retail Distribution Review are well on the way to doing so.

The fact is that if you want proper advice your best course of action is stay well clear of the banks and speak to an IFA the majority of whom see a product sale as secondary to the delivery of truly impartial, suitable and bespoke financial advice.

If the Government really wants to help the UK citizen understand and make enough retirement provision they would be well served by promoting and supporting the IFA sector rather than attacking it.

Photo credit: Flickr/dtsomp