Speaking at the FE Investment Summit in London, Richards (pictured) said anonymous blog posts and sensationalist headlines have no place in today’s industry, which instead should be pre-occupied with building a positive image for itself.
Anonymous posts, he said, disproportionately represent the entire industry in the eyes of consumers, creating an all-round negative perception.
“Perception becomes reality. We need to change that perception,” he said.
“Investment advisers are often vocal but not always for the right reasons. Negative comment has to stop. The public requires balanced impartial information to enable [people] to make the right decisions.
“Put your name and company name then you have your opinion. Anonymous blogging doesn’t work anymore in today’s world. We have to change if we want to change a [negative] perception [of the industry].”
The comments came after Money Advice Service chief executive Caroline Rookes hit headlines questioning the ethics of financial advisers earlier in September.
She has since issued a public apology to the PFS and the advice community as a whole.
Guidance guarantee
Richards also told delegates the Treasury has confirmed it will launch the guidance guarantee on time, although it is still unclear what shape its delivery will take.
“What it is is still to be defined but they are confident having now named MAS and TPAS they will launch in April next year,” he said.
Richards suggested the guidance will likely include a host of generic information starting with a letter from HMRC and information provided by employers and providers.
He said face to face delivery would be “just impractical” and the delivery will most likely be web-based and supported by a telephone service.
In August, Rob Jupp CEO of Brightstar wrote in Mortgage Solutions warning against ‘keyboard terrorists’ anonymously causing reputational damage to companies and the industry itself. He also called for full disclosure when posting on any trade publication.
