Called to account

Martin Flanagan describes accountancy as the Teflon profession for avoiding the brickbats hurled at others in our recent economic problems and corporate scandals (Business, 6 September).

As a retired accountant, I am also surprised at the lack of criticism for the blinkered view of the actuarial profession, which as recently as the early 1990s doled out annuities at 16 per cent of the purchase price, unsustainably high in relation to the ever-increasing life-spans of the average 65 year old.

Annuity rates inevitably had to fall drastically, to the current 6 per cent, only partly due to life expectancy increasing by four years since then.

JOHN BIRKETT

Horseleys Park

St Andrews, Fife