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Either this will all come as an unforeseen shock to the SRA who will only intervene once it is too late or, the SRA will be paralysed with fear at the prospect of such a large entity failing whilst under their regulation.

The SRA's costs for such a massive intervention when it comes will wipe out the £80m in the Compensation Fund resulting in the SRA then attempting to charge a levy with future PC fees.

I dread to think how S&G's PII insurers, who will have to provide run-off cover and pay out gazillions in claims without being able to collect any premium, will seek to recoup their losses. Does anybody know the identity of S&G's PII insurers?

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