Shopping TV needs new legislation.
The government and the Financial Services Authority need to redraft existing regulations if the sale of financial products through digital TV channels is ever going to work, according to the founder of the collapsed Money Channel, writes Damian Wild.
In an exclusive interview with Accountancy Age this week, sixties pop star turned entrepreneur Adam Faith said: ‘There is enormous potential for a money shopping channel.’
But he added: ‘There are legislative problems in putting money on TV. There need to be discussions between the financial services authorities and people in television to try to figure out a new code of conduct. The code would need to satisfy regulators but still offer broadcasters something. It would have to give a TV channel the chance to make enough money to pay for its running costs.’
Launched on the Alternative Investment Market in May 1999, the Money Channel was once worth #240m. It collapsed in May 2001.
– To read the interview, turn to page 8.