In response to calls from the Archbishop of Canterbury, Justin Welby, for those within the financial services sector to take a more ethical approach to loans and protect the most vulnerable in society, protection stalwart Simon Burgess is planning to release £50m of his own funds to provide loans with free income protection.

The money will be made available online via British Loans Limited – a wholly-owned subsidiary of his existing income protection firm, British Money Limited.

Burgess claimed that borrowers will be offered a “competitive” APR and the cost of the additional Defaqto-rated five star cover will be absorbed by Burgess out of his profit margins.

He said: “I’m currently sorting out the access to funding issues and developing the website, but when complete, this will be a huge leap forward in addressing calls for greater financial inclusion in an ethical manner, whilst giving borrowers peace of mind their loan is automatically covered. I urge other lenders to follow suit.”