UK 21:16 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I end with Quindell and an open challenge to Mr Jim Sutcliffe regarding the 100% fraudulent 2011 accounts. Let's see if he really wants to draw a line in the sand or if he is just in it for the grubby money. Elsewhere I look at Shaft Sinkers, Rapid Cloud - a case study in Red Flag accounts -, Lamprell and Northbridge Industrial.
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Comments
sp1234
Tom, Rapid Cloud’s reporting currency is Ringgit, not Renminbi. The SP was indicated as being down heavily today because there was an anomalous closing auction on Friday.
JustCurious
Tom
Jim Sutcliffe is an actuary. As a Fellow of the Institute and Faculty of Actuaries, he is obliged to adhere to the Actuaries’ Code.
I attach a link below to where you can download this:
http://www.actuaries.org.uk/research-and-resources/documents/actuaries-code-v-20
The Institute and Faculty of Actuaries takes its reputation and its obligation to safeguard the public interest very seriously. In cases where a member fall short of its expectations, it has the power to take disciplinary action against that individual. Note that they hold the individual actuary responsible – they cannot take cover behind their firm. Anyone can make a formal complaint about the behaviour of a member of the IFoA if they believe them to be guilty of misconduct.
In particular, I would highlight the following extract from the Actuaries Code:
“4. Compliance: Members will comply with all relevant legal, regulatory and professional requirements, take reasonable steps to ensure they are not placed in a position where they are unable to comply, and will challenge non-compliance by others.
4.1 Members will speak up to their clients or to their employers, or both, if they believe, or have reasonable cause to believe, that a course of action is unlawful, unethical or improper.
4.2 Members will fulfil any obligations to report information to relevant regulatory authorities.
4.3 Where there is legal protection available, members will report behaviour that they have reasonable cause to believe is unlawful, unethical or improper, to regulators or other relevant authorities. In the UK such protection includes: the Public Interest Disclosure Act 1998, sections 342 and 343 of the Financial Services and Markets Act 2000 and section 70 of the Pensions Act 2004.
4.4 Members will promptly report any matter for consideration under the Institute and Faculty of Actuaries’ Disciplinary Scheme which appears to constitute misconduct or a material breach of any relevant legal, regulatory or professional requirements including Actuarial Profession Standards and Technical Actuarial Standards issued by the Financial Reporting Council. To the extent that the consent of a third party is required for this purpose in order to disclose information, members must take all reasonable steps to obtain such consent.”
If you are serious about engaging with Mr Sutcliffe, I submit that you should send him a polite email, informing him that you have reasonable cause to suspect that Quindell has been engaged in fraud and remind him of his obligations under the Actuaries’ Code. I would suggest asking for a meeting at the earliest opportunity and, if you do not get a response in a reasonable timeframe, send him a reminder of your request, copying in a senior member of the IFoA (such as the President).
(If Mr Sutcliffe does agree to meet with you then I also think you should apologise for the discourteous “proven failure” jibes you were coming out with yesterday. However, that is just my opinion).
I anticipate that this would encourage Mr Sutcliffe to give you a fair hearing. Failing that, it puts you in a strong position to hold him to account if Quindell collapses as you predict.