The City regulator, the Financial Conduct Authority, has decided to end its probe into to the insurance claims processor Quindell (LON:QPP), it emerged this morning.
However the decision looks purely administrative, with the FCA ducking out to give the Serious Fraud Office free rein with its criminal investigation into Quindell’s “business and accounting practices”.
There is no word yet on the plans of the Financial Reporting Council, which is carrying out its own inquiry.
One has to pity Indro Mukerjee, unveiled as chief executive on Monday.
He replaces Robert Fielding, who left the company in May when the firm sold its legal division to Australian law firm Slater & Gordon.
And he faces an uphill struggle in getting the business back on its feet as well as rehabilitating Quindell’s more than tarnished reputation.
Revealing a penchant for understatement, Mukerjee told investors yesterday: “I'm of course aware of the challenges the company has been facing and respect the chairman, board and rest of the team for the way that they have been identifying the issues of the past, and dealing with them resolutely and rapidly.”