Early in 2007, I had cause to respond to criticism from Thomas Reeh, chief executive of broker blackandwhite.co.uk who took exception to my concerns over the mis-selling of payment protection insurance (PPI), its huge commissions and the promotion of single premium policies.
He accused me of being “out to get” mortgage brokers, which is utter nonsense. However, it’s interesting to note that other organisations, such as the FSA and the police swept into his offices in November, looking for past case documents.
I do hope he doesn’t misconstrue this as someone else being “out to get him”.
Mr Reeh has always been vociferous in the benefits of single premium PPI and how sophisticated developments in this market have become. Let’s hope those investigating this area and his other products think the same.
The Competition Commission believes intermediaries have a key role to play in the provision of PPI, so I hope for his sake nothing is discovered that can further blight the reputation of this sector.