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Insurance Business | 16 Oct 2014, 01:15 p.m. Agree 0
A broker who used client premiums for his company’s and his own expenses has been jailed for four and a half years.
  • Perception | 16 Oct 2014, 01:32 p.m. Agree 0
    Well. What is he going to do in prison?
    The insurance industry is already in damage control due to earthquake claims . So this just damages the industry reputation further . But then accountants and lawyers are thrown in prison for fraud etc but is there any comment about damaging the aforementioned service
    reputation?
    I think though the FMA is going to have a closer look at our sector of the industry.
  • Reality | 16 Oct 2014, 01:52 p.m. Agree 0
    @Perception
    You're assuming the legal profession has a reputation to protect?!
  • LuckyLoocha | 16 Oct 2014, 01:52 p.m. Agree 0
    Let the bugger rot! Unacceptable and what a breach of trust. I am happy he has been given prison time and hope he serves the full sentence. He will be out in a year though, any bets?
  • Perception | 16 Oct 2014, 02:09 p.m. Agree 0
    I'm not a betting person but if he is sent to the Potato Farm down the line he is in very good company with other high fliers who have fallen from grace. Who knows they could be bold enough to come up with a shrewd plan of starting another insurance company of Ponsi scheme maybe even a retail store selling carpets
  • Perception | 17 Oct 2014, 04:18 p.m. Agree 0
    Reality .
    Reality is that lawyers accountants and insurance people are all in the world of risk and providing either advice or services and products relating to the wider meaning of risk. The big difference is that may be we have not attained the dizzy heights of tertiary qualifications and professionalism pertaining to the aforementioned qualified individuals, perceived or otherwise.
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