'Why is saving seen as bad?' An open letter to Martin Wheatley

These are questions Phil Billingham, director at Perceptive Planning, is asking in an open letter to Financial Conduct Authority (FCA) chief executive Martin Wheatley. Billingham copied in his local MP, Priti Patel, who said she has also relayed his concerns in a follow-up letter to Wheatley. Dear Mr Wheatley, Firstly, let me start by welcoming your interest in the payday loans market. I hope this limited intervention will be of benefit to at least some consumers. However, it seems clear to me that the FCA - and the FSA and PIA before it - is failing to grasp some fundamental ec...