No petulant teen here, thanks

George Pitcher is an incisive and witty commentator, whose columns I have enjoyed and learned from over the years. However, in his article on the financial services industry (MW last week), he missed the point. Our comments to the Sunday Times, under a rather hysterical headline, were not about us but the plight of ordinary investors.

As Pitcher says, as an industry we have been able to weather the tough markets of the past few years reasonably well. We don’t need anyone to stand up and plead on our behalf unlike, it seems, the Government, which he is keen to defend. But who speaks up for private investors? Just when they had begun to venture once again into the long-term savings (equity) market, they are seeing yet more tax-based incentives to save being whisked away.

The Government giveth and the Government taketh away, you may say. But what people need is a consistent and coherent savings policy in the long term. They do not need a tax break today, gone tomorrow. The tax break on pension savings has lasted more than 50 years – that is long term.

As the UK’s leading unit trust company, we want precisely what the Government wants: more people to save more for the future. We want to work with the Government to achieve that end, and to rebuild confidence in an industry battered by pension, insurance and investment trust scandals which, as Pitcher rightly points out, have not helped our nor the Government’s efforts.

This is not about Fidelity or the industry. It is, as he rightly

points out, about individuals’ trust and confidence in the savings market. By removing incentives to save, even as it exhorts people to make better provision for the future, the Government is sending out mixed signals.

We were trying to articulate the need for greater confidence in the Government’s commitment to the needs of the private investor, not to beg for any special treatment for ourselves. I don’t believe it is peevish to wish for the Government to act in a way that is consistent with what it says, just as Kevin might wish the same from his parents.

Richard Wastcoat

Managing director

Fidelity Investments

Tadworth, Surreystretch the imagination of any brand marketer. Like many others, I immediately thought of Only Fools and Horses, when Del Boy and Rodney created the “Peckham Springwater” brand, its source a hosepipe, supply courtesy of Thames Water!

Perhaps their proposition would be strengthened if pop star Javine was replaced by a Del Boy sampling “Peckham’s Best”.

Steve Innes


Latest from Marketing Week


Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now


Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.


From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.


Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email

If you are looking for our Jobs site, please click here