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Article: Letter: Proceed with care when selling payment protection.(Letter to the Editor)
- Article from:
- Mortgage Strategy
- Article date:
- May 30, 2005
- Author:
CopyrightCOPYRIGHT 2005 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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From Simon Burgess
I write in response to recent comments by Chris Cummings, director of the Association of Mortgage Intermediaries, who blames the regulator for advisers' reliance on MPPI.
I agree with Cummings' statement that "advisers should not simply attach MPPI to mortgage sales as a matter of course and should consider all the options available", if nothing else, as a way to boost income - particularly as both income protection and critical illness attract commission rates of up to two years in premiums which will swell the bank balance nicely (albeit possibly temporarily).
As an advocate of properly sold, low-cost MPPI, I am ...