Ethics - New whistleblower law faces first test
A sacked mortgage adviser who blew the whistle on misselling within the industry is set to become the first employee to test legislation designed to protect whistleblowers. The new law came into force last month.
Monty Burn, who was sacked from his job as a compliance officer for the Mortgage Code Register of Intermediaries for alleged gross misconduct, failed to win his subsequent appeal to clear his name and has vowed to take the case to an industrial tribunal.
Burn was accused of breaching his duty of confidence and of doing it for his own gain. But he has denied profiting from his actions and said he had no option but to go public by using his knowledge to write The Mortgage Bible.
The report is a comprehensive guide to mortgages for home-buyers and warns of the bad practices of some firms and the sale of certain products such as endowments, which are still sold to around one in three buyers despite often poor returns.
Burn said: ‘The only crime that I am guilty of is informing consumers that they are being ripped off and I am hoping the case will be heard within the next four months.’
The Treasury is already considering the report and Burn has been invited to meet politicians in a fortnight to discuss his findings in advance of the launch of a new Mortgage Bill.
Burn’s union, the GMB, has pledged to back him in his case under the Public Interest Disclosure Act which outlaws the victimisation of people who draw attention to malpractice.