Here we go again. The Professional Finance Society (PFS) is back at it, waving their legal sticks at finfluencers, hoping to scare them off like kids caught playing in the wrong playground. This time, they've latched onto a legal case against a few individuals promoting a dodgy foreign-exchange trading scheme. Now, don’t get me wrong – these finfluencers were clearly out of bounds, dabbling in the murky waters of promoting financial products without the proper FCA authorisation. That's an easy call, and yes, it’s rightly within the FCA’s jurisdiction. But what’s a little amusing, if not downright eye-rolling, is PFS’s Matthew Connell taking this as his cue to sound the alarm across the entire finfluencer landscape.
Connell isn’t just targeting those hawking FX schemes; he’s throwing shade at anyone who dares to help others with their finances. He’s quoting this and that about the dangers of giving advice outside the FCA’s sacred perimeter, as if all finfluencers are just one step away from becoming criminal masterminds. It’s like watching a man scream "Get off my lawn!" while he’s standing several football pitches away from his actual garden. Whose interests is he really protecting here? The public’s? The same public that’s seeking guidance on everyday financial wellbeing, far from the land of risky FX trading? Or is Connell just trying to corral everyone into his patch so they can be prepped as fresh prospects for the salespeople he’s really looking out for?
Here’s a reality check, Connell: the vast majority of those seeking help aren’t exactly the kind your members would bother rolling out of bed for. Nine out of ten of them won’t have pockets deep enough to make it worth their while. It seems your strategy here is to scare the life out of finfluencers and generic advisers, so there’s no competition left. That way, your commission-hungry product floggers can have the field all to themselves.
But I’ve got some news for you, PFS. You’d better start listening to the growing number of retired FCA-regulated advisers among your own ranks. These are professionals who’ve moved on to become finfluencers, financial coaches, and planners, steering well clear of the products your members are peddling. They’re out there helping the 90% who’ve been left behind, the disintermediated diaspora your sales-focused members have no interest in serving.
Maybe, just maybe, it’s time for a new trade body – one that actually represents the needs of those financial professionals working outside the FCA’s tight grip. A body that ensures their voices are heard, instead of subjecting them to the kind of narrow-minded, self-serving drivel Connell is spouting.
So, carry on with your scare tactics if you must, Connell. But know this: the tide is turning. The financial landscape is changing, and the people you’re trying to scare off might just be the ones who end up leading the charge.
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