I refer to the recent interview in Money Marketing with John McFall, MP.
In view of the fact that Mr McFall is in an extremely powerful position as the chairman of the Treasury select committee and is trenchant in his views when it comes to criticisms of the practitioners within financial services, it would be natural to expect that he would be whiter than white in all matters fiscal.
When one looks at the evidence, it is perhaps a more than a little surprising to discover that the redoubtable Mr McFall is as big a hypocrite as he is critic.
Examining the expenses’ files is illuminating. Mr McFall claims the absolute maximum allowed on his food allowance at £4,800, which, incid-entally, he also claimed during the summer recess. He also employs his wife as a part-time Parliamentary assistant.
None of this is either illegal or against the letter of the rules but then much of the criticism we IFAs have undergone at his hand have fallen under the same category.
Stones and glass houses spring to mind. Let us hope that his successor in the next Parliament will be a worthier chairman of the Treasury select committee.
Norwest Consultants Middlesex