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THE RSA GROUP, which last week suspended three of its executives, has appointed auditors PWC to carry out an investigation into their claims and finance operations.
On Friday it was revealed that CEO Philip Smith, CFO Rory O’Connor and Claims Director Peter Burke had been suspended after a routine audit found problems in the departments.
RSA, which owns and operates 123.ie, said in a statement that the PWC investigation will be “comprehensive”.
The review will focus on the financial and regulatory reporting processes at the company, RSA says.
Simon Lee, Group Chief Executive of RSA said that, while serious, the issues did not have a “material impact on the group”.
“We are extremely disappointed with the issues which have been identified and their financial impact on the Group. While the investigation is ongoing, I am confident that these issues are isolated to the Irish business.
No policyholders have been affected and all our Irish businesses continue to operate as normal.
“Nevertheless, we want to ensure that the actions being taken in Ireland and across the Group are correct and that all lessons are learnt. ”
Is this the same PWC that charged us €5 million to tell us that the Anglo bailout would cost around €4 billion?
http://www.thejournal.ie/state-appoints-pwc-to-help-run-nationalised-aib-31087-Oct2010/
It’s a relief to know that RSA is in a safe pair of hands.
Is the same Central Bank that regulates insurance companies ?
http://www.independent.ie/business/irish/were-the-bank-auditors-conflicted-26652955.html. They are the same auditors who were auditing the banks also.
The difference is that now they know there is a problem starting out, so they can’t miss it this time.
Another great weekend for Ireland’s reputation.
RSA and Newbridge Credit Union. New regulator, old regulator, same difference.
This may have been found out sooner than it would have been, because of closer regulation. It can take a few years for problems to become obvious in an insurance company.
I don’t know how they’ll manage it but the tax payer will end up sorting this out.
No they won’t. The parent company has already injected €100M into it.
I was speaking in a hyperbolic manner.
No, I think you mean that you were talking in a comple hyperbollicks manner
Another brainless comment by right wing steve
“No policy holders affected” ,my insurance up for renewal new quote 1200 from 350 previous year, how is this not affected?
Well just renewed mine and it went down to 350e, down by around 25e on lost year. Zero complaints. Great company
do you work for R.S.A. CHOLLY? ; JUST ASKING ..
Absolutely not. Just giving credit where its due. They were the underwriters. I also dont particularly believe an insurance renewal qoute would jump 850e for no reason!
Probably should have been 850 in 1st place if claims properly provisioned.
It includes six years no claim bonus, i have tried to contact customer service they said will ring me back, never did.
It’s a shame that I’m not tuned into large scale financial news. This stuff effects the everyday Irish person, yet I know so few who care.
They are both in the same building in Cork, I’m sure it will be very “comprehensive”.
Another Quinn Insurance. If the price is too good to be true then chances are it is!
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