Pricewaterhousecoopers (PWC) is trying it on. It has directed brokers to pay up all premiums gained from Independent Insurance policies, including their commissions.

Brokers and PWC know there is no legal precedent and that brokers should at least hang on to their premiums. The IIB reckons brokers should hold on to all Indie cash until they know the outcome of the criminal investigations.

After all, he claims, if it was trading unlawfully, what right does the liquidator have?