Gambling
Madonna, the gambling bit is not really reflective. All investments require calculated risk taking, even deposits where the call is inflation and default risk.
Those invested in the Quinn Life operation know it's a start up. Heaven knows its been roundly bombarded for being so. I'm no fan of index tracking as the only way of making money, but with these products there is no guaranteed current or future liabilities in the product offering, hence no exit costs. No entry costs too if I'm not mistaken. That is a pretty clean crisp offering, just a fund charge of 1%pa.
That's what people have bought. They certainly didn't buy based on brand. If fund charges go up, Quinn's lose the business. There is nothing to stop a Quinn Life customer from encashing, unlike many other offerings around with discretionary charges, and lock downs.
The Life Regulator will be responsible for ensuring that the Life company meets all of its solency requirements. I think that casting a shadow over the maverick life operation could be misinterpretted as scare mongering, since it is a fundamentally different proposition than a general insurer, ( remember ICI Life sold for big bucks to the PRU, while the general business ran aground?).
There is no justification for claiming unacceptable risk against the Quinn Life company. If there is one you can rest assured that the clamour would start at a different level than here in AAM, with respects to all participants.