A small price to pay.
The recent Iron Trades/Chester Street debacle has put the industry firmly out of favour with MPs and the public. It is time for it to face up to its collective moral responsibilities.
It is hard to imagine the insurance industry's stock can fall anylower among Parliamentarians.
It is viewed as an industry that takes money off its customers and fails
to deliver the promises the aforementioned customers thought they were
buying.
Whether it is Equitable Life and its guaranteed annuities or Iron Trades
and its old asbestosis liabilities, MPs are up in arms at the insurance
industry for dumping its promises.
You might be tempted to reply that MPs are not exactly held in high
regard.
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