BusinessCompany NewsSFO approaches ruling on collapsed insurer

SFO approaches ruling on collapsed insurer

One of the SFO's longest-running investigations, into Independent Insurance, about to conclude

The SFO is close to rounding up one of its longest investigations, into the
collapse of Independent Insurance, The Daily Telegraph reports.

The SFO has been investigating the case since June 2001 after an FSA referral
and will soon decide whether to bring charges against officers of the failed
insurer or conclude that there is insufficient evidence of wrongdoing.

PricewaterhouseCoopers was appointed as provisional liquidator of the
insurer, which was founded by Michael Bright and had 500,000 private customers
and 40,000 corporate policy holders at its collapse.

Lengthy criminal and civil investigations followed the collapse, with the
fall-out and costs continuing to impact on the industry. The Financial Services
Compensation Scheme has had to impose a £130m levy to cover claims against
Independent’s policies.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor