25th June 2019

Getting yourself noticed

A big part of my job is getting noticed - in the right way. But it is more difficult than you might think. In normal times, we have to compete against the big players who have the funds to buy lobbyists, engage PR companies and get themselves strategically positioned across every media platform possible. 

They also have their hands on the levers of power. Particularly the one that controls that infamous revolving door. How many advisers have a senior regulator, MP or Minister on their books? Next to none! But the big players do. and they use them to good effect with a juicy prize on offer for those that do well. 

Let me give you an example. Ruth Kelly was a Treasury Minister from 2001 – 2004 and oversaw regulation. When she left politics, Kelly became the Global Head of Client Strategy at HSBC for 5 years. And there are dozens of similar examples of top jobs being filled by ex-politicians and civil servants. 

But we are not in normal times. There is a huge battle going on in Parliament and it isn't just Brexit. Brexit is just the symptom. This battle is the Westminster Bubble v The People and it is just sucking the oxygen out of any alternative political debate.

We have had over three decades of the professionalisation of the political class. This group left Oxbridge of one mind in terms of policy, but proceeded to spread itself across the three main political parties, rendering them little more than brands. Up to the last election, a vote for any of the major parties got you the same policies on the EU, big business and ever-increasing levels of regulation

Last week, I attended a Westminster Hall debate. It was good to see six of Westminster’s finest having a break from character assassination to have a meaningful debate on “Consumer Access in Financial Services”. I was there to door step those MPs interested in Financial Services matters and that worked out well in terms of bringing the concerns of those we represent to those who actually have the ability (though not necessarily the willpower) to do something about it.

Westminster Hall debates sound more impressive than many of them actually are. This one concentrated on a report completed by the Treasury Select Committee which looked at the decline in availability of ATMs, banks and post offices in less populated areas.

It is an important issue and, best of all, the solutions are totally in the hands of the Government. They own the Post Office and they are still a major shareholder in most of the banks. So, Mr Politician, no more stalling – get out there and sort it! 

But will they? Don’t hold your breath. Today's political class exists to identify problems, not solve them.

The Hall also debated that financial services firms should take action to help those who have mental issues. One MP talked about those consumers with mental problems who were fine some days and not well at other times. 

All good and theoretically worthy stuff. But not a practical word on how dear old Mabel at my local Post Office would either have the time or knowledge to determine what type of day the sad looking person in the queue was having and even if she did, what exactly she is supposed to do about it. 

Can you imagine how long it will take FOS to start accepting claims from people who claim to have had a bad day mentally when making a poor investment decision?  They would certainly be jumping on it quicker than Mabel, even if their levels of expertise in mental health would undoubtedly be of a similar level.

And this is where we now see one of the major failures of the current political system. When I was representing IFAs in the 1990s, we still had politicians with a basic knowledge of the outside world. Most had at least a passing knowledge of the concept of profit and loss.  All certainly had a grip on reality.

Now ministers know nothing apart from the Westminster Bubble. If there is an issue that requires a practical answer then dump it on a passing businessman. Politicians neither have the practical knowledge, nor the will, to deal with it. In my opinion, their civil servants are little better. 

Perhaps the biggest take home point that was made was the cross-party belief that the FSMA 2000 is in need of significant rewriting. This has to happen when Brexit happens anyway but I am at least hopeful a major change is coming about in Parliament and how the Government will work in the near future. 

I see more workable solutions being delivered by the more practical members of Parliament who have, up till now, have been marginalised by Bubble members.  Regulatory change is coming and advisers must be ready for it when it does.  A united front, a single voice and a clear objective is an absolute must if we, as a profession, are to be successful. 

So don't sit on the sidelines and hope it ends well.  Get involved. Have your opinion noted and your voice heard by joining Libertatem today by clicking on the link below.

Join Libertatem now from just £20 per month

Regulation