Advisers who have lost money in the collapse of Independent Insurance are being advised to take the l...
The Institute of Insurance Brokers' director general, Andrew Paddick, has recommended that brokers - who have yet to be compensated for their losses in the liquidation of Independent Insurance last year - should accept whatever deal they are offered in the interests of policyholders.
Paddick - who is known more for his heated row with the General Insurance Standards Council (GISC) and its attempts to force membership of the self-regulatory body - believes the Provisional Liquidator has "gone as far as he can to reach an expedient compromise".
Having carefully considered the issues, says Paddick, the outcome of any such a course of action would be uncertain and result in the offer itself expiring.
"Brokers now have to make their own decision and are very dependent upon one another regarding the eventual outcome," says Paddick.
"It is vital that if the offer is to be secured, brokers respond positively to the Provisional Liquidator without delay, when they receive the offer letters."
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