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Those in this line of work were scratching our heads when they bought Quindell because it was fairly obvious it was worth virtually nothing. Bad, bad, bad decision. And remember they claimed they had done very diligent due diligence on the cases? I think as this unravels that will be a major area of focus.
I note Grech offered to resign- but it was refused to maintain stability. Question; is someone that led on purchasing Quindell's near worthless book the right person to attempt the almost impossible rescue?
Next the banks. According to press reports they have 31 days to put in place a credible turnaround plan but it is thought by some that the banks, if they do keep it on life support, will do so to wind it down. Is there any long term future? Hope the commentary is wrong.
Next the politicians and the SRA. When I started this was an honourable profession. Since then we have had the trumpeting of Tesco Law, ABS, floated firms, opening up the market. This practise of buying and selling cases, no doubt often to the bewilderment of the client. It used to be the case the client was the priority above all else and service had to be quality. It's about time those who care, worked on trying to take back their profession, but we need to fight government and unfortunately those in the SRA who believe this is the way forward. Any other country looking at ABS etc- watch and learn.
On a very final note, what is the SRA doing to ensure a large proportion of the UKs current claimants are protected come end of March? The SRA could have a phenomenal task on its hands.