What are your thoughts on traditional financial institutions and the industry's regulators getting on TikTok?
Martin Oh, so the Financial Conduct Authority here in the UK has got into TikTok, and they've shared a few adverts that completely miss the mark. They're obviously trying to appeal to that younger gen-z audience, but it's really poorly executed, I'm sorry to say that.
I'm sure they've spent a lot of money with a very flashy London marketing agency to come up with them, but the fact they're having to pay TikTok to present that video to lots of people on the platform says that it misses the mark. If they did a good job of it in the first place, it could go viral fabulously. There aren't many examples of larger financial services groups doing TikTok, but the ones that do tend to miss the point, and it just doesn't work.
What’s your take on so-called ‘finfluencers’? Are they filling a gap that isn't being served by the profession?
Martin The retail distribution review wiped out a huge amount of distribution in the UK and reduced the capacity to get financial advice. There are nowhere near enough financial advisers and financial planners in the UK. I’m really uncomfortable with the term ‘finfluencers’, but they’ve come along to fill a bit of the gap in the market, which is good because people need quality financial education, need to understand how the financial services system works, how money works and how to make the best decisions about their money. There is all sorts of good behind this. What I don't like is the execution of it and the motivation behind it in some cases. So I've seen so many examples of influencers sharing content who have no qualifications and no experience in that market That's, quite frankly, dangerous. And in many cases, their incentive for doing it isn't to educate or inform but to make money. So it's good and bad. I'd love to see more of the good out there, people doing it for the right reasons to genuinely educate, inform an audience, to help people make better financial decisions. But I'd say sadly, at the moment, the majority are probably doing it for the wrong reason.