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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.
SDLP Economy Spokesperson Dr Alasdair McDonnell has welcomed the partial lifting of the northern business ban on Quinn Insurance but said the regulator should go further to save jobs.
The South Belfast MLA met with Quinn staff at the Enterprise, Trade and Investment Committee in Stormont.
Speaking after yesterday's meeting, he said: "Some 2,800 people are employed by Quinn Insurance. 1,500 of these jobs are tied to business done in Northern Ireland and in the UK. 700 people are employed in Fermanagh alone.
"Every day that Quinn Insurance is prevented from doing business in the north and in Britain over £1million in revenue is lost and more and more livelihoods are put in extreme risk.
"The lifting of the ban on selling insurance to provisional driving licence holders is welcomed but this represents only a very small slice of Quinn Insurance's business," he said.
"If jobs are to be saved, further considered restrictions should be lifted."
(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.
SDLP Economy Spokesperson Dr Alasdair McDonnell has welcomed the partial lifting of the northern business ban on Quinn Insurance but said the regulator should go further to save jobs.
The South Belfast MLA met with Quinn staff at the Enterprise, Trade and Investment Committee in Stormont.
Speaking after yesterday's meeting, he said: "Some 2,800 people are employed by Quinn Insurance. 1,500 of these jobs are tied to business done in Northern Ireland and in the UK. 700 people are employed in Fermanagh alone.
"Every day that Quinn Insurance is prevented from doing business in the north and in Britain over £1million in revenue is lost and more and more livelihoods are put in extreme risk.
"The lifting of the ban on selling insurance to provisional driving licence holders is welcomed but this represents only a very small slice of Quinn Insurance's business," he said.
"If jobs are to be saved, further considered restrictions should be lifted."
(DW/BMCC)
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