Quinn in Administration

Kittian_the_Blue

Or against the complicity of the regulatory authorities in allowing them to operate as they have

dacouch

Kittian_the_Blue wrote: »

Or against the complicity of the regulatory authorities in allowing them to operate as they have

I dunno what you mean...they made a very astute investment in the Anglo Irish Bank

Oscar_The_Grouch

Kittian_the_Blue wrote: »

Ah... nothing like a bit of pedantry that has nothing to do with the OP

We're using the pedantry to pass the time waiting for the Shazz the Quinn Numpty to return and tell us how accurate their accounting was.

Jammin - Thanks for the info. As I said; it's not in my area!!

dacouch

What are peoples opinions on whether the UK FSA would have dealt with Quinns any differently if they were UK registered and fully under the UK FSA control.

If they were UK registered do you reckon they would have invested heavily in Northern Rock shares in August 2007 ?

Oscar_The_Grouch

dacouch wrote: »

What are peoples opinions on whether the UK FSA would have dealt with Quinns any differently if they were UK registered and fully under the UK FSA control.

If they were UK registered do you reckon they would have invested heavily in Northern Rock shares in August 2007 ?

If the current opinion polls are correct (on average and counting the error margin) the FSA could be out of a job themselves on 7 May!!

dacouch

I should have added would they have bought heavily into Northern Rock shares and would they have lent other Quinn companies and members of the family large amounts of money to buy the shares...

dacouch

I've just read about today's protest at the Head Office which started at noon, it was attended by 2500 people (Mostly Quinn employees).

The part that amused me is that it lasted for 20 minutes, whats the betting Quinn got them to do the protest during their lunch break...

http://news.bbc.co.uk/1/hi/northern_ireland/8604293.stm

cogito

dacouch wrote: »

What are peoples opinions on whether the UK FSA would have dealt with Quinns any differently if they were UK registered and fully under the UK FSA control.

The FSA didn't have a choice. European law required them to allow Quinn to operate in the UK as they were approved by the Irish regulator. I believe that the FSA did state some time ago that any broker putting Quinn forward to clients as a potential insurer should warn clients that Quinn didn't have a rating so that clients could make an informed choice. Since Quinn were prevented from renewing business in the UK, the FSA have stated that they will be going to Quinn's largest supporting brokers to ensure that they did actually give clients the necessary warning.

Word is that a few prominent brokers are rather worried about this - including one of the consolidators (not Towergate).

shaz77_2

Hi All

Just to update you, it appears that holes have been discovered in some of the regulator's original findings, it is hoped that by Friday the UK wing of the business will be open again.

dacouch

If you believe everything that senior Quinn staff tell you then you need to get a reality check, they do not have a very good history when it comes to the truth and financial matters.

The facts of the matter are the adminstrators who were appointed by the High Court will give their report to the financial regulator on Friday. The court case is on the 12th of April, perhaps Quinns have discovered some legal loopholes they can use but if they have this would not inspire me with confidence.

They will lose the vast vast vast majority of their commercial business as brokers will rebroke it so will have to rely on their personal lines business in the UK.

It appears Quinns have not been reserving their claims correctly which is the core of a well run Insurance company. The Insurance arm have pledged money as security for bank loans to other Quinn busineses (Some of them for the £100s of millions of shares they and the directors personally bought in the Anglo Irish bank). They are relying on the banks not recalling the loans, knowing the financial stability of Irish banks there's no chance of that...not

Long live Robert Maxwell.

Reports that Quinns have brought Michael Bright into assist their financial planning are unfounded