History repeating itself.
Independent is not the first insurance company to have had such a spectacular fall from grace and, despite belonging to what is considered an over-regulated industry, it is unlikely to be the last.
In February 1971, the Vehicle & General went into liquidation,causing no end of damage. We are now confronted with a similar situation
with the collapse of Independent.
You would have thought our regulators would have learned from past
failures and the more recent Drake problem, to prevent this diabolical
loss of face in our industry.
Collectively, we must have spent billions on a compliance regime,
employing armies of accountants and lawyers to strangle our profession,
only to find the public is
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
Fraud website latest addition to growing list of FCA fakes
The Financial Conduct Authority has warned of a fraudulent and dangerous website in its third alert in three months about scammers impersonating it.
GI AR numbers fall again
The general insurance and protection sector saw the biggest fall in the number of appointed representatives last financial year, the Financial Conduct Authority has calculated.
Final quarter addition takes insurance S166 annual total to seven
The Financial Conduct Authority (FCA) served one insurance firm with a skilled person report in the final quarter of 2025/26, taking the total to seven, the lowest in the past three financial years.
CII launches consultation into young driver safety and role of telematics
The Chartered Insurance Institute has launched a national consultation to gather views on the role insurers can play in improving road safety for young drivers.
FCA insurance authorisation service declines in final quarter
The level of authorisation service by the Financial Conduct Authority in the areas hitting brokers worsened in the final quarter of 2025/26 with only two out of five categories rated green.
House of Lords committee launches home and travel insurance regulation inquiry
The House of Lords Financial Services Regulation Committee has launched an inquiry into the regulation of the UK’s consumer insurance market, and has called for submissions.
Blog: An insurance take on why ‘Spygate’ is as much about governance as it is football
The news has been abuzz with the Southampton FC ‘Spygate’ scandal over the last week. James Yorke offers his perspective on the compliance issues at play through an insurance lens.
FCA warns firms of fake texts in two-step bank details scam
The Financial Conduct Authority has sounded the alarm about scam MyFCA text messages and has urged firms not to share any information including bank details.