George from Insiders View joins the debate on MoneySavingExpert (updated)

Owen,
I’m not surprised to hear these criticisms of Martin Lewis. Whilst I try to take an objective view in these matters, it is important that followers of MoneySavingExpert and Martin Lewis understand what is going on.

Martin Lewis is surrounded by controversy on the slightly hidden areas of the web as people have realised that he has made a fortune from his affiliate site. Whilst I commend his business acumen, he presents himself as a consumer champion when in fact it’s clear he offers products that generate the greatest revenue, not those that are the best.

Regards
George from Insiders View

The fact that someone is making money from recommending products does not in itself mean that the advice is flawed, but it certainly does mean that people should take a much closer look at what is being recommended…!

Owen, I’m not suggesting all his advice is flawed. What I am suggesting is that he ‘recommends’ (cf. the FSA) products that have less to do with value or efficacy and more to do with profit.

A man with your experience and history should know the ramifications of banking recommendations. Particularly with Martin Lewis’ latest IceSave debacle (for which he has cunningly received little bad press)
George

George – I do agree with you. All I am saying is that at the end of the day, individuals have to take responsibility for the decisions they make with their own money, whether on borrowing or saving/investing (or anything else for that matter). My personal view is that there is plenty of regulation to protect individuals from bad advice and people have to look beyond that advice, wherever it comes from, and take into account the motivations which may have prompted the recommendations made. Of course we must protect vulnerable individuals, but I think we have enough of nannying already…!

Ask Owen is about providing impartial financial advice for those concerned about managing their money. The country is suffering a serious economic decline and with people concerned about increasing costs of living and fuel bills, teamed with worries about job losses and house repossessions, it is a daunting time; so if you have a question to Owen fill in the comment box below and he will answer.