FSA reveals £404m payout for Independent claims
The Financial Services Authority (FSA) has revealed that since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of the creditors.
In its publication FSCS Funding Model Review the regulator also stated that it had paid out £404m, including £12m by the Policyholder Protection Board prior to December 2001, in respect of claims made against Independent.
The FSA was using the failed business as an example to prove that there should be no cross-subsidy between the general insurance provision, life and pension provision and deposits classes.
It added that the firm is expected to enter a scheme of arrangement later this year.
Clai
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