Kate Beecroft says she’ll continue investigating how the Island’s financial regulator acted in the Scottish Power cashback mis-selling scandal. She wanted the affair referred to the Public Accounts Committee – but narrowly lost a vote in Tynwald last week.
An Island-based insurance firm was behind the energy giant’s warranty cashback scheme, which failed to pay out in 2002. Kate has questioned whether the regulator – the Insurance and Pensions Authority, now the FSA – met its duty to protect more than 600,000 consumers.
A UK parliamentary committee has also raised concerns. Kate stated successive governments have not gripped the issue – and that could tarnish the Island’s reputation