Personal Finance Society receive MAS apology
29 September 2014
30 September 2014
22 September 2017
Following last week's criticism of the advice sector by Money Advice Service (MAS) chief executive, Caroline Rookes, the Personal Finance Society has received a full apology on behalf of its members and the wider profession.
Rookes expressed concerns over adviser ethics during a fringe meeting at the recent Labour Party conference. Her comments sparked a backlash amongst the adviser community and led to urgent dialogue between Ms Rookes and Personal Finance Society chief executive, Keith Richards.
As a consequence, the MAS issued the following statement to Personal Finance Society members and the adviser community as a whole:
"We are very disappointed that Caroline's comments at a fringe meeting at a Labour Party conference have been misrepresented as an attack on the ethics of advisers and would like to apologise if this has caused offence to advisers.
"The regulated advice community plays a vital role in helping consumers and we believe that the advice community as a whole operates to very high ethical standards."
"That is why we are committed to building greater links with regulated advisers and are looking to develop a new directory of regulated advisers, to make it easier for consumers of both our service and the government's new retirement guidance facility, to access more detailed and specialist advice if they need it."
Responding on the retraction, Richards welcomed the clarification and admitted he was very surprised to read Caroline Rooke's comments in the first place.
"Even though we work closely with the MAS, we could not just sit back and say nothing on such a serious issue, which is why we responded publicly in the first instance," he concluded.
Professional financial advice is increasingly being recognised for the vital role it plays, especially for retirement planning in the wake of the budget measures introduced by the Treasury.
"Whilst there is undoubtedly still work to be done, the advice sector's response to RDR and its on-going commitment as a whole deserves to be applauded," he stated.
"More importantly, any comment relating to advisers needs to reflect this to ensure it presents a more accurate and balanced picture to consumers. Doing so will give them the assurance and confidence to seek professional advice in order to make well-informed financial decisions."
"We are delighted the MAS have now put the record straight and apologised for any misunderstanding. We look forward to continuing to work collaboratively with them for the greater good of the general public."
For further information please contact:
Keith Richards, chief executive
Office: 0207 417 4474
Mobile: 07786 023033
Lyn New, PA to chief executive
Office: 0207 417 4401
Notes to Editors:
The Personal Finance Society
The Personal Finance Society is the leading professional organisation for financial advisers and those in related roles. With over 354,000 members, it promotes the highest standards of professionalism by setting the standards for technical knowledge, customer service and ethical practice across the entire financial planning community. To achieve its aims, the Society provides its members with access to a programme of continuing professional development, relevant qualifications, learning materials, support services and other practical benefits.