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23/04/2010
Quinn Staff Criticise Regulator Restrictions
Workers at the beleaguered Quinn Insurance in Co Fermanagh and Co Cavan have said some 1,000 jobs are now at risk after the financial regulator's decision to deny the company the ability to fully re-enter the UK market.
Administrators in charge of the business warned employees yesterday some of the 2,400-strong workforce were likely to be let go.
Fine Gael Enterprise Spokesman Leo Varadkar said he was urging the Financial Regulator to allow Quinn Insurance to re-open more insurance products in the UK, as soon as it is viable, in order to save the maximum number of jobs at the company.
"Staff at Quinn Insurance received an e-mail today informing them that staff levels will be reduced at the insurer as a consequence of the reduction in the UK business.
"The e-mail states that a decision on the number of job losses will be made by Friday 30th of April and that the process of electing employee representatives will now commence," MR Varadkar said.
He added: "I fully support the new Financial Regulator, Matthew Elderfield and I fully respect his independence. His role is essential.
"The Irish financial sector needs a tough referee and I know that he has a serious responsibility to protect the 1.3 million Quinn customers and policy holders."
The Financial Regulator said it will continue to review business proposals put to it for review by the administrators.
(DW/BMCC)
Administrators in charge of the business warned employees yesterday some of the 2,400-strong workforce were likely to be let go.
Fine Gael Enterprise Spokesman Leo Varadkar said he was urging the Financial Regulator to allow Quinn Insurance to re-open more insurance products in the UK, as soon as it is viable, in order to save the maximum number of jobs at the company.
"Staff at Quinn Insurance received an e-mail today informing them that staff levels will be reduced at the insurer as a consequence of the reduction in the UK business.
"The e-mail states that a decision on the number of job losses will be made by Friday 30th of April and that the process of electing employee representatives will now commence," MR Varadkar said.
He added: "I fully support the new Financial Regulator, Matthew Elderfield and I fully respect his independence. His role is essential.
"The Irish financial sector needs a tough referee and I know that he has a serious responsibility to protect the 1.3 million Quinn customers and policy holders."
The Financial Regulator said it will continue to review business proposals put to it for review by the administrators.
(DW/BMCC)
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