Re: Can Mr Hobbs credibly remain a member of the National Consumer Agency?

D

Duke of Marmalade

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I have moved this from the other thread

It was a good article, and how is it the old debates never go away?

But what about this NCA? It was with alarm that I read the following description of one of its members on the NCA website:
Eddie Hobbs: Consumer Champion, Financial Advisor and Broadcaster Previously a director and finance spokesperson for the Consumers' Association of Ireland, Eddie is an author, businessman and broadcaster specialising in personal finance, investment planning and competition matters.
Click to expand...
(We note that Mr Hobbs' latest manifestation as Pied Piper doesn't get a mention.)

The chief executive of the NCA struck a few familiar and welcome blows, notably against trailer commissions on investment products.

But how could she miss the red hot topic of the moment?

The Society of Actuaries earlier this year made a strong statement against unregulated property vehicles, and now we have a member of the NCA (the "Consumer Champion" member) agressively promoting just such a scheme and managing to avoid all the consumer protection radar screens, including the censure of the chief executive of the NCA.

Where does the NCA stand on schemes like BI and on the SoA warnings? If 0.5% trailer commissions are offensive (and they are) how much more so are undisclosed TERs of 6%+?

Can Mr Hobbs credibly remain a member of the NCA with this huge conflict of interest?
 
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Re: National Consumer Agency comments on insurance industry

Harchibald said:
The Society of Actuaries earlier this year made a strong statement against unregulated property vehicles
Click to expand...

This is not quite so. They were critical of the way some individual buy-to-let investments are sold. On syndicated property investments, their main concern was that some investments are being sold by regulated entities like life offices & banks, but the underlying investment is unregulated. This can lead investors to believe they have regulatory protection for their investment when they don't.

They concluded with a call for all property investments to be regulated. I'm not sure how practical that would be, but certainly the Society is to be applauded for drawing people's attention to the risks involved in these investments.

See here for more:

[broken link removed]
 
NCA must speak out on BI etc.

Other threads have highlighted the NCA chief executive's recent outspoken statements against insurance companies/brokers.

These are to be welcomed but they are not today's imperatives. The big issue today are these property syndicates, hithertofore the preserve of the inner circle, but now promoted to a mass market by Mr Hobbs.

The SoA has already spoken out about the dangers. The NCA must speak out also, but is it too late? Are they compromised by Mr Hobbs being such a prominent member of the assocation?
 
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Re: NCA must speak out on BI etc.

Just to clarify

The NCA is the National Consumer Agency, which is a statutory body. I think that Eddie Hobbs is on its council or board.

It's not correct to say that the NCA endorsed Eddie Hobbs in any way.

The CA is the Consumers Association which is a membership body.

Brendan
 
Ok, Boss, so the NCA as an appointed body did not per se endorse Mr Hobbs, it seems his endorsement came from higher still.:(

The fact is Mr Hobbs is now targetting customers (he will say fairly, others have questioned his methods). It would be unconscionable for, say, the CEO of Irish Life to be on the NCA.

I am amazed that Mr Hobbs himself sees no conflict here.
 
I see a huge difference between the Mr Hobbs of some years ago so interesting in helping people in debt to come out from it with very good independent advice and the Mr Hobbs from "you and your money" on: always in the cover page of his magazine, advertising the new Brendan Investments solution at every chance he has, etc...

I think Eddie is much more a businessman and salesman now with all the disortions (less independent advice) resulting from such new role...

Good luck Eddie for your new role, but I will never subscribe for the Investments solution you are advertising :D
 
Godfather said:
I see a huge difference between the Mr Hobbs of some years ago so interesting in helping people in debt to come out from it with very good independent advice and the Mr Hobbs from "you and your money" on:
Click to expand...
Hasn't he moved on to "Me and Your Money" now?
 
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