PracticeConsultingPwC sanctions Independent bonuses

PwC sanctions Independent bonuses

Staff at Independent Insurance have been given £1000 bonuses to stay with the collapsed insurer, it has emerged.

A leaked memo signed by liquidator and PricewaterhouseCoopers partner Dan Schwarzmann reveals details of the payment, which is believed to have been paid to all remaining staff.

Independent appointed liquidators from PwC in June following its decision to suspend the writing of new business. Concerns over the state of the insurer arose initially in May when external actuaries from Watson Wyatt found large claims had not been entered into the insurer’s accounting system.

The company made 1044 people redundant in June while keeping around 500 staff to process claims. The firm is also currently advertising several claims handling vacancies at the company, though none of the posts replace any person previously made redundant.

A spokesperson for PwC said ‘loyalty’ payments had indeed been paid and that she could see ‘nothing unreasonable about the payments’.

Links

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