The Association of British Insurers is demanding that consumer advice provided by Which? should be regulated. After a disagreement between the two groups over the Pensions Commissions plans for a National Pensions Savings Scheme, the Association of British Insurers have said that Which's advice should be regulated. The argument follows letters that were published by the Financial Times, in which Which? stated that the Associations' model for a National Pensions Savings Scheme would cost up to three times as much as plans put forward by the Pensions Commission.
Our view
Which? has done alot of good in raising awareness of problems within the finance industry and many other industries. Likewise, it has possibly 'fuelled fires' and assisted those, who may not have been mis-sold, by helping them to make compensation claims e.g. publishing details and specimen complaint letters for endowment complainants. Should they be regulated? Yes, we think all journalists should be regulated to a degree when writing about personal finance. They should also be qualified i.e. have passed financial services examinations. Whilst we accept the 'freedom of speech' doctrine, when influential groups such as Which? comment on areas that are of importance such as finance, they should be proven competent to do so. Whilst many do a lot of good, some journalists can and have caused damage. It is for this reason that there should be an authorisation process for 'authorised financial journalists'.