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The Bankstone News team keep a sideways-slanting eye on current developments in the world of motor insurance. Boldly grasping the wrong end of any news stick going, Bankstone News keeps its loyal readers comprehensively misinformed and (just occasionally) mildly amused.

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Bankstone endures to scoop top spot in industry kart race

June 27, 2018

The UK’s leading insurance-sector kart racing event Insurance Endurance took place on 25 June at the PFI Racetrack near Grantham, the UK’s longest (1382m) outdoor karting circuit. 

In a fiercely contested six-hour contest fought out between 16 eight-member teams beneath a blazing summer sun, Bankstone narrowly triumphed over previous year’s winners LAMP Champs (who finished just 56.77 seconds behind) with RacerBlue in third just two laps behind the winners.

The trophy for fastest lap of the day went to Coplus who recorded a lightning fast 1:10:11 lap time, equating to an average speed 44.10mph round the curvy circuit. Meanwhile Plantec Assist beat off stiff competition to win the Pit Stop Challenge, changing all four tyres on a Formula 1 car in just 10.9 seconds.

It was a dramatic day’s racing with the top teams neck and neck for most of the race before a puncture forced leaders LAMP Champs into an unplanned pitstop that allowed Bankstone to get in front and hold doggedly on to a slim lead through the final few minutes of the race.

A date for the 2019 event has already been set: Tuesday 25 June. Any company working in or with the UK insurance industry can register their interests for next year’s event by visiting https://www.insuranceendurance.co.uk/registration/  Anyone doing so before 6 July 2018 will be entered in a draw with a track day for two at the PFI Racetrack as the prize.

 



Industry News

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How are the mighty’s elevated statuses under review!

July 24, 2018

Let’s face it, the world is full of manipulative greedy and arrogant men who tell lies to enrich themselves. Normally, this doesn’t seem to be a problem. Greedy manipulative and arrogant men can typically operate with complete impunity.

But, every once in a while, some busybody comes along and makes a great big unnecessary fuss. Such was the unfortunate experience of recently comeuppanced former DAS UK top dog Paul Aspirin.

As regular readers will readily recall, Aspirin was the arrogant, greedy and manipulative man who conspired to defraud his German employers of vast sums of money by bunging work the way of a business in which he and his wife (latterly ex-wife) were secretly shareholders.

Earlier this month, Judge Marty Pellow (sitting in Southwark) sentenced Aspirin to seven years detention at Her Majesty’s pleasure and disqualified him from serving as a company director for 12 whole years, describing him as “a manipulative, arrogant and greedy man”.

Now, you might think being disqualified as a director for twelve years is a pretty harsh punishment. You might also think a seven-year HMP stint sounds a trifle inconvenient. You might even think the prospect of a ‘confiscation and compensation hearing’ later this year that could leave a person penniless would be a bit of a bummer.

But a sanction worse, far, far worse, than any of these potentially awaits the unfortunate (if manipulative, greedy and arrogant) Aspirin.

Not content with locking him away for a couple of years, denying him the right to helm a limited liability company, and stripping him bare of everything he owns, the world has one far crueller blow still in store for poor Paul Aspirin.

To wit: the loss of his prized and privileged status as member of the Chartered Insurance Institute (102).

That’s right, leading insurance industry news organ Insurance Ache this week revealed that word of Mr Aspirin’s antics has reached the collective ears of the CII hierarchy and made therein a less than entirely favourable impression.

Now the institute plans to open a formal process to review whether or not Aspirin’s shenanigans are in line with the CII’s discipline guidelines, which stipulate that members should “observe the principles of best practice”.

Should it be found that defrauding one’s employers whilst referring to them as “idiots” conflicts with the aforementioned Ps of Best P, it is not inconceivable that the institute might move to strip Mr Aspirin of his privileges as a member of the CII (e.g use of library, discounts on CII qualifications, savings on Thomas Cook package holidays etc.)

The CII was quick to stress that no sanctions would be applied until a thorough investigation has been carried out – and that Mr Aspirin would “have the opportunity to offer evidence or mitigation before a decision was reached” (although, of course, his imprisonment could yet limit his availability for appearing at any tribunals convened).

Let’s hope it never comes to that. Surely the CII could see its way clear to giving the poor man a break. Surely he’s suffered enough without having this final indignity inflicted upon him. After all, manipulative greedy and arrogant though he may be, his only real crime was getting caught. There but for the grace, etc…




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