Monday, December 17, 2007

Nowrich Union Cover Up

Despite the fine, this is fucking scandalous:

The watchdog also uncovered that on discovering the frauds in 2006, Norwich Union Life informed and then protected present and former directors of its business and its owner Aviva but did not "inform and protect the policyholders who were not connected with the business".

The FSA really has to find a way of punishing the Directors who allowed this to happen because it just sets a bad example to those perfidious wankers in Westminster who've never done a day's real work and will think this is a norm and use it justify their own actions.


Mark Wadsworth said...

A bit tricky, if you fine the directors they can just take a bonus to cover it. But see also my answer to previous post.

The Great Simpleton said...

Fair point. I don't they aren't fit and proper persons to run a company and should be barred from being able to be Directors, then they couldn't pay the bonus.

I also think in this case the sharholders need to feel more pain, they might then appoint a better management team with some hunility and a high moral standards