Regulator further relaxes Quinn ban

THE Financial Regulator has further relaxed its ban on Quinn Insurance (QIL) doing business in Britain and Northern Ireland, allowing the company to fully resume offering motor insurance to customers.

The regulator made the decision last night – on the eve of an expected job cuts announcement by Quinn’s administrators – after what it called “detailed discussions” with its British counterpart, the Financial Services Authority (FSA), and QIL’s administrators.

However, the company’s administrators are still set to announce a “very significant level of redundancies” later today; although the initial number could be less than the 800 reported yesterday.