The Creditors of Independent Group (CIIG) have written to the European Commission, complaining that the FSA and the Department of Trade and Industry (DTI) failed to ensure that Independent Insurance had proper accounting systems.
At a meeting of CIIG's solicitors Class Law, it was reportedly claimed the DTI and FSA failed to ensure that Independent Insurance had proper accounting systems in place.
CIIG chairman Kevin Young said: "It is vital that as many policyholders as possible register to support the complaint which is the best way of establishing the failure of the regulator which will then lead to compensation."
Stephen Alexander, partner in Class Law, Solicitors said: "This enables policyholders to make a complaint without exposing themselves to large legal costs and the risk of litigation."
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