Burgess should stop sucking up to the FSA
MORTGAGE STRATEGY - 12TH FEBRUARY 2007
It's not often I feel compelled to write a letter complaining about someone expressing their views in print. It is everyone's right to do this and I applaud Mortgage Strategy for allowing it. But on this occasion I can't let it go, even if deep down I feel the man writing it is doing it for his ego rather than for the benefit of the industry. Of course I am talking about Simon Burgess, self-appointed internal regulator and all-round industry righter of wrongs.
It's a bit rich for him to take the position of moral adjudicator on the issue of single premium payment protection insurance - a product I am not a big fan of myself unless sold in the correct way via a trained financial services consultant. I take exception to him trying to outlaw something that can be used to help clients rather than leave them with no cover.
Believe it or not Simon, there are instances in which this product represents best advice and I don't think you have understood the concept of consumer choice.
Whatever you think of this industry (and by the look of it, that's not a lot) you should stop sucking up to the Financial Services Authority by writing biased articles containing things it wants to hear and instead take a balanced view - something I fear is impossible for you.
We have a problem with the way this product has been produced and sold and we need to do something about it sooner rather than later, but I don't think Burgess should be making the statements he is. It is damaging and prolongs a debate we need to resolve straight away.
How about an industry think tank approach that could tackle all aspects of this problem, ensuring the product survives but with stricter regulations surrounding its sale? That would work better and is also a more helpful response than throwing mud at colleagues.
Terry Pritchard Chase Consulting East Preston West Sussex
