Quinn Employees Committee v. The Irish Financial Services Regulatory Authority and Quinn Insurance Limited

IFSAT

QUINN EMPLOYEES COMMITTEE V. IRISH FINANCIAL SERVICES REGULATORY AUTHORITY AND QUINN INSURANCE LIMITED

RECORD NUMBER: 005/2010 

On the 27th of April 2010 Dara O’Neill and David O’Donnell, claiming to be representatives of the Quinn Employees Committee (the Appellants), lodged a purported Notice of Appeal at the Appeals Tribunal Offices appealing a decision of the Irish Financial Services Regulatory Authority (the Regulator) directed to Quinn Insurance Limited (Quinn Insurance). 

The decision of the Regulator, dated the 30th of March 2010, was made pursuant to Sections 18 and 20 of the Insurance Act 1989 and directed Quinn Insurance to take certain measures and, of particular concern to the Appellants, it directed Quinn Insurance to avoid taking on new business or to renew existing business in the UK. 

The Chairman of the Appeals Tribunal nominated Geraldine Clarke and Liam Madden for the purpose of hearing the appeal and the Chairman designated himself to preside at the hearing.  

In accordance with Section 57M of the Central Bank Act 1942 as inserted by Section 28 of the Central Bank and Financial Services Authority of Ireland Act 2003 the Appeals Tribunal decided that Quinn Insurance was an affected person within the meaning of that Act and Quinn Insurance was joined as a Respondent to the proceedings. 

A copy of the purported Notice of Appeal was served on the Financial Regulator and on Quinn Insurance.  

On the 6th of May 2010 David O’Donnell requested the Tribunal to withdraw his name from the purported Appeal.  

Pursuant to Rule 5(3) of the Irish Financial Services Appeals Tribunal Rules 2008 (the Rules) the Appellants applied to the Appeals Tribunal to waive the appeal fee as required by the Rules. The Appeals Tribunal indicated that it would waive the appeal fee provided the Appellants fulfilled certain conditions within a specific time frame. The Appellants duly fulfilled the conditions and the appeal fee was waived.  

On the 17th of June 2010 the Appellants notified the Appeals Tribunal that they were withdrawing their appeal on the basis that, as they stated, “significant progress” had been made and they did not wish to impede such progress. 

The Respondents were notified that the appeal was not proceeding.  

There were no further orders.