Cattles shareholders turn on non-execs

Non executive directors from sub-prime lender Cattles came under fire from shareholders who accused them of failing to act on the warning signs as debt mounted, The Guardian, has reported.

Journalists were banned from the meeting where shareholders turned on the non-executives, led by executive chairman Margaret Young, who defended their actions, according to the Guardian, which used sources within the meeting.

Shareholders said non-executives should have raised the alarm over Cattles' subsidiary, Welcome Financial Services.

The meeting was held almost a week after Cattles external auditor PricewaterhouseCoopers came under investigation by the Accountancy and Actuarial Discipline Board. PricewaterhouseCoopers said it would co-operate with the investigation but would defend its audit of the sub-prime lender.

According to some present at the meeting, Young said there had been a failure in applying the correct impairment policy at Welcome.

Read the full story: Directors come under fire over Cattles' slack reporting policy