Insurance mis-selling whistleblower Monty Burn has written to ABI director general Mary Francis, warning her of another potential selling scandal.
Burn, a former compliance officer for the Mortgage Code Registration of Intermediaries Council, is calling on Francis to close what he claims is a loophole in the ABI code of practice covering the sale of negative equity protection for homebuyers.
He wants the code re-drafted so that sellers of equity protection are obliged to notify consumers of policies with lower commission.
Burn claims he has been told unofficially by a number of mortgage lenders that they will not offer EP as it only pays them 20% commission, compared with 65% on single premium accident, sickness and unemployment insurance.
Burn, who left his job after publishing details of alleged insurance-selling sharp practice, said the difference in commission on both products is around £850.
He has also addressed his concerns to the Treasury and the MCRIC, now known as the Mortgage Code Compliance Board.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
