Publishers and broadcasters should be more transparent when they quote or interview unqualified and unregulated commentators on financial subjects, regulated financial advisers have said, to prevent the public from being misled.
Though financial media commentators — often full-time comms experts or spokespeople — can add value in certain areas, the experts say, the public deserves to know that they are not regulated, have zero qualifications and have often never provided advice.
They say failure to point this out in articles or during interviews can result in people making “harmful decisions”.
Scott Gallacher, Director at Rowley Turton, said that while non-practising commentators can add value, there is always a risk the public will be misinformed: “Media commentators play an important role in raising awareness of personal finance issues — and many do a great job. But when it comes to complex, regulated areas like pensions, investments or mortgages, credibility and accountability matter.
“Non-practising commentators — often former journalists or comms professionals — may have strong communication skills and useful insights, but without regulation or mandatory CPD (continuing professional development), it’s hard to verify the accuracy or currency of their advice.
“That creates a risk, however unintentional, of the public being misinformed. Just as journalists rely on qualified medical experts for health reporting, it makes sense to turn to regulated financial advisers — those actively advising clients and staying current through formal oversight — when covering matters that could shape someone’s financial future.”
For Rob Peters, Principal at Simple Fast Mortgage, said the media must be radically transparent about the experience and qualifications of those being quoted: “It’s not inherently wrong for media outlets to quote financial commentators who aren’t regulated advisers, provided their role is clearly defined. If someone is giving high-level commentary on market trends or policy, that’s fair game.
“But if they’re commenting on what individuals ‘should’ do with their money, there’s a line. The problem arises when unqualified voices give advice-like opinions without the context, nuance or regulatory responsibility that practising advisers are bound to. The public deserves to know the difference between insight and advice, and the media should make that distinction crystal clear.”
Tony Redondo, Founder at Cosmos Currency Exchange, said media reliance on unqualified sources could leave the public misinformed: “Whilst freedom of speech is important, personal finance decisions can have life-altering consequences, and advice from unqualified sources risks misleading the public.
“Non-regulated individuals, like ex-journalists or PR professionals with no direct experience in financial advising, often lack the technical expertise, fiduciary responsibility or accountability required to provide reliable guidance. Their insights may be anecdotal or outdated, potentially leading to harmful decisions, especially for complex products like mortgages or pensions.
“Non-experts can offer general commentary or simplify complex topics for broader audiences, but without clear disclaimers, the public may mistake this for actionable advice. The media should label such sources as commentators, not regulated experts, and lean on those with proven expertise to ensure accuracy and protect the consumer.”
Rohit Kohli, Director at The Mortgage Stop, agreed: “I have no issues with unqualified or unregulated people giving their opinion, as we’re in a democracy after all. However, media outlets across the board when they quote these people or invite them onto the radio or TV, should introduce them as unqualified, unregulated individuals.”
Ben Perks, Managing Director at Orchard Financial Advisers, urged journalists to speak to practising experts who understand what’s happening on the ground: “It’s important to have insight from those with their finger on the pulse. Not just experts or professionals in their field, but people that are speaking with the public on a daily basis. That’s the only way to cut through the rhetoric and expose the real issues affecting people.”
Media commentator Kundan Bhaduri, Entrepreneur and Portfolio Landlord at The Kushman Group, loves sharing his views with the news media, but understands that while he can wax lyrical on property and politics, there’s a line when it comes to financial advice.
He’s dumbfounded by the way legacy news media consistently turn to unregulated experts on important financial matters: “It’s baffling that mainstream outlets still quote unregulated, non-practising ‘finance experts’ on mortgages and pensions, many of whom have never advised a single client or held FCA permissions.
“Some were once journalists; others work in PR. Yet they’re rolled out as authorities on complex financial issues that have real-world, long-term consequences. Meanwhile, qualified mortgage brokers, IFAs, and property professionals, who actually deal with the fallout of poor advice, are often sidelined in favour of slick soundbites.
“It’s the financial equivalent of quoting a food critic on heart surgery because they once reviewed a hospital canteen.” Get off the fence, Kundan.
