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1 Systems issue - insurers can afford the best IT men, so there's no excuse for this. A feature of computer systems is best expressed in the equation: crap out = crap in squared.

2 A basic principle of insurance is that each policyholder introduces money into the pool commensurate with the risk introduced into the pool. Dual pricing flies in the face of this, so little wonder that insurers lose money on their motor book. Shareholders should kick up more of a fuss.

3 The SFA acts like Nero fiddling whilst Rome burns, claiming it's not a price regulator, clobbering small firms with TCF, but letting big firms get away with blatantly obvious breaches of TCF such as this.

4 It's a regulatory requirement for firms to have a sustainable financial model. How is running a book of business at a loss sustainable?