Pete Waterman has claimed that he would only join The XFactor if the show’s producers offered him £1 million.

The former Pop Idol judge admitted that he wouldn’t be a panellist in any other circumstance because he disapproves of the way contestants are now “exploited” on TV talent competitions, Money Talks?.

Speaking to the Daily Record, Waterman explained: “I’m not going to sit in a room with a mum accusing me of being deluded because these people shouldn’t be in a room where someone is going to be brutal and tell them the truth if they don’t understand what the show is about.

“I’m not going to sit and talk about things I know I shouldn’t be, talking to some poor kid in front of a camera who’s not stable. There are people who shouldn’t be on TV because they can’t cope. I don’t think we should take advantage of vulnerable people.”

The record producer insisted that he was not referring specifically to Susan Boyle, who checked into The Priory clinic after losing out to dance troupe Diversity on Britain’s Got Talent earlier this year.

However, he continued: “But I was on the train today and there were some people talking about an act on last Saturday’s X Factor and they were saying they thought the show would have learnt from Susan Boyle.”

Asked if he would ever be a judge on the Saturday night ratings hit, he commented: “If they offered me a million pounds I might go back.”