Is Martin Lewis the “Money Saving Expert” a significant proportion of the public believe him to be, or is he simple a “Money Grabbing Show-Off” many other suspect he is? Whichever side of the fence your fall on, you can’t help but notice the animated Martin Lewis on your TV screen or in your newspaper speaking out about one issue or another to do with saving money.
So how much should the public trust Martin Lewis’ guidance? This is a particularly difficult question to answer. On the one hand, Martin Lewis provides the public with a – barely – digestable format to consume information about financial products. This is not generally done well by “stiff in suits” so perhaps that’s a necessary evil we must contend with. But on the other hand, is he really qualified to provide the sort of advice he has been putting out there, are his intentions purely honourable and should he be regulated or answerable in some way?
A quick search on Wikipedia highlights some of the controversy surrounding Martin Lewis and his Money Saving “Expert” advice…
“One of the services provided by Lewis’s MoneySavingExpert.com website, supported by weekly emails, was a savings “best buy” recommendation. This service led to Lewis highlighting the attractive rates offered by Icelandic banks, several of which subsequently failed during the second half of 2008 with savers’ funds frozen pending compensation from either the UK Financial Services Compensation Scheme or its Icelandic equivalent… …Lewis was attacked by a number of his own website users for “recommending” Icelandic banks.”
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From personal experience, I know that his employees are definitely not knowledgeable enough or qualified to be writing the content they put out there or talking about financial products in the way they do. Far too often, the key element of the product – the one vital bit of information you’d think the customer needs to know to make a qualified decision – is not put across in favour of something else which will actually make them money …an affiliate link or advert.
Which brings me nicely onto a couple of interesting highlights of Martin Lewis’ personal life – a part-time stand up comic who lives in the North Kensington area of London. So Martin Lewis “the show-off” has always been within him and maybe that plays a big part in his various crusades and campaigns. And Martin Lewis “the North Kensington resident” just goes to show that it’s not all about the customer.
Ladies and gentlemen of the UK finance industry …what are your thoughts? Martin Lewis the Money Saving Expert or Martin Lewis the Money Grabbing Show-Off?
The Insurance IndustryAn Entrepreneur's Perspective
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Great for saving £1.50 off a cup of coffee or having discount codes for 10% off at Tesco, but when it comes to offering ‘Expert’ advice on finance items, this is a bit too much to handle.
Wonder if any of the article writers are qualified in any finance arena? – I very much doubt it………
Well said Kevin and Ernest. The guy is a liability. Then again, so too are many of the finance journalists out there today.
The best thing is that people really believe Martin Lewis is the Consumer’s Champion! Greatest trick the devil ever pulled …and all that.
Martin comes shining through this morning with a FREE £4.95 burger. Surely that’s a safe level for him to provide his expert advice?
But where’s the threshold? Shopkeepers aren’t regulated.
Now this is just scary
Lot of flak at moment for Sir Martin…
Noticed he had death threats from mortgage advisers because they feel he is taking the p**s !
One minute says to get fixed rate mortgage, next minute says get rid of them. Swears that he isn’t giving advice (good job, giving mortgage advice when not qualified could see him go to jail!!!!!).
Unfortunately this bloke is like Noel Edmunds. The public love him, people who know anything about the subject however think he is a complete knob….
I genuinely have a problem with this man. Him, or one of his team told me to get my site off the internet. I admit, I did put a link from his forum to my site, which is cheeky but it did not warrant the abuse I got afterwards.
He subsequently somehow found out my mum’s home address, who lived there, including the full names of my mum, dad and three brothers. He said, ‘he was going to call my mum’ if I didn’t take my site off the Internet.
I think this was taking it all a little bit too far.
Contact me if you want more details.
He said he “was going to call your Mum”?!
Hehe. That made me laugh. How old are you? 9? What was Martin hoping to achieve? That she’d give you a clip ’round the ear and tell you to stop kicking a virtual ball against his garage
Keep your site up, after all, what harm did you do?
@Steve, the worst thing your site does is give a job to people who can only smile cheesily in photos and it also gives an outlet for the istock icons which would otherwise be under used!!!!
Only joking mate!
So, what was the “real” story with Martin Lewis? Surely there was more to it than posting a link up for them to head out and find the name and address for your family?
Personally I am not a huge fan of Mr Lewis… he has a shouting know it all stance I simply don’t agree with.
He also gets “carried” away with a lot of his advice and doesn’t clarify and caveat it enough sometimes in my view…. its a case of the blind leading the blind. He is after all simply a journalist with no background in banking or in giving financial advice.
Like the advice to take out Icelnadic savings products he risks in some instances causing very real harm through some of his advice.
I am also very sceptical about his claims not to chase the dollar with his advice… journalistic integrity blah blah blah… since when did journalists suddenly aquire integrity… most are happy with the headline even if it only presents half the picture.
In his defence though I would say there are some useful snippets of information on his site but you do need to wade through a lot of dross to get to them.
Apparently the FSA has also authorised him… now on the basis he has no training or skills in the area I wonder why they did that… maybe it says more about the state of the FSA than it does about martin lewis. I wonder what he said on his application to persuade them he was a fit and proper person to offer the advice he does.
I personally think Martin Lewis gives really bad advice and should not be allowed on the TV. I’m a fully qualified Financial and Mortgage Advisor and most of the things Lewis says is rubbish. I’ve had to sit multiple exams, and also annual tests, and had to go through a rigourous vetting procedures to do my job and I only give advice to about 3000 or so customers. Lewis advises the whole nation and I can pretty much bet he hasn’t sat any exams. This was proved in a programme aired in the UK on Fri 6th Feb 2009. I think it was the Tonight programme. He had to bring 3 experts in to speak about Stocks and Shares, Commodities and other ways to invest money. If he was a financial advisor, he would have a fairly broad understanding to talk about these himself as it is part of the job and also part of the exams. I think he should do his Certificate of Financial Advice (CeFA) exams and then he would know more of what he is talking about.
If anyone disagrees or wants to prove me wrong, just email me or reply at dave156789@yahoo.co.uk. Also, how did he manage to get such a fit bird. That Lara lewington is well hot. I actually thought Martin Lewis was gay.
How did he manage to get such a fit bird?
He’s a MULTI-millionaire. His company made over £3 million profit in 2005/06, and since then the revenues have at least doubled.
What do you expect?
What I don’t like about Martin Lewis is the way he tries to make out that his site is free of ads to benefit consumers.
Unfortunately most visitors don’t know that the site makes far more by recommending affiliate links within the content.
It’s little different to Tesco advertising the fact that their free of ads.
Except of course that every link that makes any money has a * next to it, and any page with a starred link also contains this explanation
How this site is funded. Two types of contacts are listed. The first, which all have a * within the main body of the articles, help MoneySavingExpert.com stay ad-free and free to use, as they’re ‘affiliated links’ which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. The second type doesn’t help and therefore doesn’t have a *.
You shouldn’t notice any difference, the links don’t impact the product at all and the editorial line (the things we write) is NEVER impacted by the revenue. If it isn’t possible to get an affiliate link for the best product, it is still included in exactly the same way. For more details read how this site is financed.
I heard about this “Martin Lewis” phenomenon & his MSE website recently so decided to give it a try. His website indeed is cleverly architected to woo the average low-IQ’ed Joes of the UK. Apart from the obvious money saving articles, there are lot of discussions/posts urging people to buy and spend; e.g. spend 100p to save 10p where he or she should really be spending no money! The website appears like a collection of referral sites, the difference here is, instead of the usual click-through flashy eye-catchy animation banner ads, Martin Lewis provides links based on story-telling. The average Joe think these stories as “intelligent analysis”, which obviously is doing his bread winning job. For those who understand the internet referral market, it is quiet clear from the MSE website and its ‘redirection’ mechanism that Martin Lewis “works for himself” for getting paid directly from his clients. It appears like he works one-to-one with his clients by writing and promoting products within articles urging people to use his affiliate links providing personal recommendation. This is indeed a different logical business model when compared to using third party referral companies like doubleclick or commission-junction!. Personally, I do not see much of quality in his money saving tips, though there is lot of quantity. And yes, I think it has worked well for him so far , hard work or hardly worked – he is celebrating his websites 6th birthday!.
Yep, like many other people I can’t stand Martin Lewis but the fact is he’s done VERY well for himself and his buisness. But that’s what people tend to forget – he’s not doing all this for the love of it, he’s making money from most of the clicks on his site! I can’t really comment on many areas but I know for a fact Martin Lewis has made lots of money by publishing finance content and by that I mean mainly affiliate links from comparison sites and other affiliate networks. I worked for a financial comparison web site a few years ago and even back then MoneySavingExpert was invoicing for well over £50K a month…
Hello ‘ME’
As you obviously can;t read, or are too ignorant to, i shall repost my comment from above…
—-
Except of course that every link that makes any money has a * next to it, and any page with a starred link also contains this explanation
How this site is funded. Two types of contacts are listed. The first, which all have a * within the main body of the articles, help MoneySavingExpert.com stay ad-free and free to use, as they’re ‘affiliated links’ which invisibly take you usually via affiliate linkage or commercial money sites, which then pay this site. The second type doesn’t help and therefore doesn’t have a *.
You shouldn’t notice any difference, the links don’t impact the product at all and the editorial line (the things we write) is NEVER impacted by the revenue. If it isn’t possible to get an affiliate link for the best product, it is still included in exactly the same way. For more details read how this site is financed.
Hi Pete, Thanks for another overly agressive comment. I can read thank you very much and I’m not ignorant…
If you actually bothered to read my comment you would see that I’m saying that Martin Lewis has made a lot of money from these links, I didn’t mention the fact that Martin Lewis makes it clear which links he makes revenue from…
The implication of your comment is clear; that there is some level of secrecy or impropriety surrounding the money that Martin Lewis’s website makes.
I wanted to reiterate that such a warped implication couldn’t be further from the truth (compare the openness about revenue-generating links on MSE with moneysupermarket and the like).
If anyone recalls the story of the Kings New Clothes, they will recognise the value of someone who points out the obvious when the masses appear to be oblivious. Martin is this person and has been shouting out loud and clear that the banks only real telent is to rip off apathetic customers. Fast forward a few years and now we see them naked and begging for shelter from us-the taken advantage of. Going forward, if banks offered good value for money to existing and new customers alike, there would be little need for Martin and he could hang up his dictophone. Until then long live the voice of reason.
Whether or not you like Martin Lewis or feel he is qualified to offer guidance/advice isn’t really the point. As easy as it is to sit back and moan about the great unwashed being taken in by someone parceling up financial advice and making money (worst crime of all) so doing, what you should perhaps consider is – why does the public like him? What is it that Martin does that works that the financial services industry either doesn’t or can’t? And is there something in his formula that everyone would benefit from adopting – consumer, qualified adviser and providers alike?
Personally I believe that these questions are far more constructive than any amount of within industry crabbing.
Ha!
Is “Pete” a Martin Lewis employee or Martin himself??
I read the comment left by “ME” and didn’t have any trouble understanding what was written. No there is no secrecy on martins site, and ME doesnt imply this… but your avergage Jo doesnt understand, or care to look into the statement “this link helps this website”. The little asterix is hardly fully explaining what is going on.
Its not like he actually states anywhere that clicking a link earns him a referal fee, and he is making millions from it. If he was fully transparent the asterix would say “clicking this link earns this website £2.20 in referal fees” etc.
He’s running a busines and he needs to be watched very closely. I dont think the BBC should have him on Radio1. They need to get a proper expert in. Yes, he speaks nicely, and hes started telling jokes or putting on comedy voices in his spot.. Get someone serious, get someone qualified.
J.
A message for Conrad.
I have a very fit bird. I’m not either a millionaire of very successful. I do alright though. It’s hardly a reason for having a “fit bird”. Wanker
Sorry. The above website was meant to be aimed at michael – not conrad. Sorry Conrad. Please accept my apoligies.
Re above message to Conrad. Meant to say comment – not website. My writing skills are shocking
those complaning about martin on bbc would you prefer more over paid celebrities radio 1 dosnt pay martin he appears for free if the bbc payed him you mwould be moaning but he saves you licesnece fee telling how to save money and not taking a payment for his time he has saved alot of people alot of money if you read his website
Fair comment tara. BUT HE SHOULD NOT BE GIVING FINANCIAL ADVICE – WHICH HE DOES. He ain’t qualified.
Nothing that the FSA considers financial advice though, right…?
Ok im frsutrated just come around my house and gangbang me.
Mr “squeaky clean” Lewis seems to have been selling his database of users emails,although he does throughly deny such things as always.Like when he told everyone to put money into icesave,then when it went bust it was “it was’nt me,i did’nt recommend it which is typical of him.When something comes off so to speak, he claims all the credit and its usually something he spotted a user on his site had posted,pinched the idea,then claim it was his idea in the first place.He did that with the re-claiming bank charges as well.
http://forums.moneysavingexpert.com/showthread.html?t=1815263
Lewis is a fucking wanker
@ben, that’s a little vulgar for this blog, but I’m sure you’ll like the fact that the internet thinks martin lewis is gay.
Personally, as an individual who works in the financial sector, I find Martin Lewis to be somewhat of an annoying itch you just can’t scratch. It’s understandably frustrating dealing with customer backlash after Mr Lewis goes on TV and just lies through his hat! For example going on GMTV and telling people they should ring their credit card providers to negotiate a better rate is pure fantasy! It simply will not be entertained by any provider I know of.
The mere fact that he offers financial advice and recommendations for personal profit without being duly accredited is shocking to me, as this is totally contrary to FSA conduct of business sourcebooks (seriously, google that and have a read) and yet he’s allowed to carry on.
If set myself up as an “expert” offering financial advice, this would mean I were a financial advisor, for which I must be accredited, but Mr Lewis gets away with it!
There is no doubt that Lewis is one of the biggest affiliates in the UK and is making millions of money, but he has made it there by providing a service that people want and flock to in there droves. There is also no need for him to state that some links are through affiliate schemes – but he does. He has earned the trust of his users by being open and thats partly why he has been so successful.
1) As someone who worked in financial services for 5 years and has seen 1st hand how customers get ripped off, the MSE site is a sorely needed customer focussed tool.
2) The MSE site is FSA accredited and abides by its rules.
3) There is no where better to find financial advice in an easy to digest format, it has helped thousands of people with money problems climb out of the debt trap.
Also the advice of many (most?) “qualified” finanical advisors absolutely stinks: E.g. cheap tracker funds are the best investments for 99% of population but financial advisors never push them because the commission is so low.
Seriously speaking hi. And his “team” are a bunch of faggots! Andrea is the biggest bitch. I seriously think he is a untalented guy, who just qantto be famous. The good posts are from his programed robots who kill any newbies on the forums. Thy find loopholes on how to get pringles for 2p bub then don’t relise that the copany have lost over £2 a pack and will now raise future prices to meet targets. I am getting a job at the company that hosts his site. The server will be in peices and I can not fucking wait!
I think this guy is a complete Fraud.
He is giving financial advice, all sponsored and paid for. Surely the FSA should take serious and definitive action like comiiting him to prison.
Of course the public love him! Everyone loves a camp man! Men find them funny and women find them irresistable as friends.
I personally find them FRIGHTENING IN THE EXTREME. Its about time Britain rejected these freaks.
I love the ignorance about Martin Lewis. People think that he appears on TV for FREE.
Well he may do. But then every one goes to his freak website where he and his “experts” tell people “HOW” to save money. Little do these sheep know that everytime you click on say “the lowest interest credit card” little Martin with the sweet face is pocketing cash for advertising.
I agree with the above – these people are the worst frauds of all because their public personas are so innocent looking.
Martin LEWIS is dangerous because of his innocent pretty looks.
WHERE IS THE FSA?
The guy should be in prison as far as I can see for Fraud!!!!
“Little do these sheep know that everytime you click on say “the lowest interest credit card†little Martin with the sweet face is pocketing cash for advertising.”
Surely the asterix on every link that pays, and the full explanation of this on every page of his site would mean that the poor little sheep are actually fully informed adults.
I assume you do all of your work for free?
Guys, instead of complaining on here has anyone reported the site to the FSA, to the ASA and to Ofcom?
*We* know the site is one giant ad for credit cards and other lurid financial money making schemes for Martin and his bank balance. So let the FSA know.
The news is, well, look at this – since when is an advert for your own services classed as news? So let the ASA know. This is a serious breach of the rules.
http://www.moneysavingexpert.com/news/shopping/2009/12/the-850-a-year-cost-of-itunes-loyalty
And the free publicity offered by the BBC and Jeremy Vine over time is surely one for Ofcom and the BBC to investigate.
Hey Tara. Re your message from July last year. OK. Are you a sl*t
In reply to “dl” from novemeber, I feel I should point to a couple of flaws in you arguement:
Neither martin lewis nor moneysavingexpert.com are registered with or accredited by the FSA. Check with the FSA themselves if you don’t believe me.
The fact that he provides finacial advice on a profit making basis means he must be accredited as such or he risks serious legal action. Those who lost money in Icelandic banks are well within their rights to sue martin lewis if they can show their descision was influenced by him or information published on his site.
Again, I will reitterate, he is not qualified, he does not know what he is talking about.
For some twenty years I’ve had the misfortune to guided by so called qualified financial experts who have sat in front of me and simply lied. The majority of them are as clueless as the next guy. The big difference between them and I is I either make or lose my money through my efforts whereas IFA’s will always make money regardless of how bad their advice is.
What a bunch of Whingers! Don’t look a gift horse in the mouth!
I get a FREE MSE email every week and have received a lot of good advice, which has saved me a lot of money. Thanks Martin!
I appreciate both sides of the debate here. Martin Lewis is in it for himself and his own financial gain, but at the same time his website has prompted plenty of people to wise up to their financial situations.
The subject of personal finance is poorly understood by your average person in the street. At least the site aims to give people a better understanding of finance which at the same time makes Martin Lewis very wealthy.
A win/win situation?
Sounds like Lewis has upset a lot financial advisors, estate agents and bankers out there.
A bunch of whinging faggots I reckon.
So is Lewis a multi millionaire or not?
2 ways you can look at it either he’s good at finance or he’s a chancer that’s hit lucky.
If he is a millionaire kind of suggests the first option to me though.
“So is Lewis a multi millionaire or not?”
We wont know because he has declared himself an unlimited company to avoid appearing on the Sunday Times Rich list …
…I too am banned for life from the moneysaving expert forums (I complained about his articles on private parking) for “advertising” but he didn’t threaten to ring my mum.
Slightly ironic a Money Saving Expert trying to conceal their wealth …but there you go.
That said I do think his site is useful.
I too was banned from the forum. I posted some good voucher codes in the forum,which apparently you’re allowed to do, unless they dont get the money from them!
Forum manager Darren is little hitler who cannot string two sentences together without looking in the mirror and giving himdelf a kiss
Martin Lewis, does a service for the UK consumer because he does find cheap deals. Unfortunately he also fills his pockets. The site gets huge hits per month in the region of 10 million with his monthly email being sent to 6 million. MSE is an AFFILLIATE SITE with Saving Information. Mr Lewis is a millionaire many times over. Lets see him denie that maybe not in the bank but MSE site is cash cow. So he can say all he likes but he could make this site a none profit one and invest in other projects to help others. But Hey!! Would you??
Martin Lewis is incapable of giving advice on anything but saving £1.50 ona cup of tea or pennies on your monthly mobile contract. He just regurgatates articles from the internet. Anyway, the best way to earn extra money is stop watching Martin The Money Expert Lewis, hahahaha and go to work earlier and that’ll sort that problem out.