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A letter from the Sheriff of AIM to Jim Sutcliffe, deputy chairman designate at Quindell

By Tom Winnifrith, The Sheriff of AIM | Wednesday 14 January 2015

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.

Jim Sutcliffe is the deputy chairman designate of Quindell (QPP) and is also a Fellow of the Institute and Faculty of Actuaries and in that spirit I have written him a letter which was emailed over today. Let’s see what he says. But I pose a tough question or two for lucky Jim.

Dear Jim.

Congratulations on your new job at Quindell. As I am sure you know I have many times accused this company of committing wholesale fraud and despite Quindell promising its shareholders that it would sue me for libel it has not done so. I think we both know why. I note that you are a Fellow of the Institute of Actuaries and as such I remind you what that August body expects of its members, including you. The underlined words are the ones I wish you to reflect upon VERY carefully.

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

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.

Mr Sutcliffe. I urge to watch this video which makes specific allegations of specific frauds committed by Quindell. You cannot say that you have not been alerted to these frauds now as you have been by me.

Should you wish to discuss these and other frauds you can contact me at any time on xxxxxxxxxx or at [email protected]

Ignorance is now no defence for you. I remind you that it is your duty as a Fellow to “promptly report” Mr Robert Simon Terry and Mr Laurence Moorse and Quindell PLC for the numerous frauds they have committed.

I remain your obedient servant,


Tom Winnifrith
The Sheriff of AIM.

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  1. turbograndad

    Lets see how these prestigeous big hitters, really are.
    Duck and cover, flim and flam, pomposity of no responce incomunicado, can’t say anything because its preduditial, PWC are conducting forensic accounting, so can’t presume, bullshit, bollocks, and claptrap me lod.

  2. turbograndad

    Or “ I’m only here for the beer “, remember that one, now its coke and hookers.
    Don’t give up the day job.

  3. Afternoon Tom

    2 quick ones on the Code, you quote.

    1. “A breach of the Code is not necessarily, of itself, grounds for disciplinary action. However, where a member’s conduct is called into question, failure to observe the Code may be taken into account by any Disciplinary Panel.”

    2. “Scope [of the Code]: “The Code applies at all times to members’ conduct in their work as actuaries, but will also be taken into consideration where their conduct in other contexts could reasonably be considered to reflect on the profession.”

    Anyone else see a “Get out of Jail Free” card?


  4. I expect his legs felt a wee bit wibbly wobbly after reading that .

  5. LLOORRE – your ‘Get out of Jail Free’ card observation is similar to ‘Except in Exceptional Circumstances’ clauses which get attached to share option and share sales lock-in periods.

    So I wouldn’t be holding my breath Tom; if the IFoA show as much due diligence in the ‘world’ which they’re supposed to govern as the FSA and those other financial bodies apparently do in theirs, naff all will happen and your letter will be a complete waste of time.

  6. Tom

    i can assure you that Mr Sutcliffe is not giving a flying fart about his institute of actuaries, Jesus H they presided over the mother of all screw ups known as the UK pension industry shortfall. IMHO Actuarial qualifications are not worth the toilet paper mate, they didnt see low interest rates coming, or for that matter, us folks living longer, so on that basis alone, why would they get I the slightest bit interest in one of their own going for a bit of the old cash nosebag at Quindell. You’re pissing in the wind there I reckon but good on you for red flagging Scum companies and their shafting of shareholders, regards Q12

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