Sir, – There are only three things wrong with this new scheme proposing to offer “free independent advice” to distressed mortgage holders (Home News,September 7th): 1. It’s not free; it is being paid for by the banks, which in most cases will mean the taxpayer. 2. It’s not independent; as it’s not being paid for by the customer. After all, he who pays the piper calls the tune. 3. It’s not advice; as accountants will not offer an opinion, only explanations. The Keane Report on distressed mortgages recommended that the customer should receive independent advice and this is an attempt by the Government, the financial institutions and the accountancy bodies to circumvent the spirit of that recommendation.
This scheme is a sham and time will prove once again that the emperor is ill-prepared for the elements! – Yours, etc,