Contrary to reports of Kevin Young's early departure from the post of chairman of the Creditors of Independent Insurance Group (CIIG), reported last week by certain news sources, he is staying firmly put.

Young, also chairman of Worthing-based brokers Argyll, said he had been working long and hard with the group and believed passionately that they were due redress following Independent's collapse.

"I remain firmly committed to the CIIG and I intend to remain chairman as long as I can sustain the claim that it makes upon my time," he said.

"The time will come when it will be appropriate for me to step down and the group will then appoint a major creditor who is also a policyholder to take matters through litigation."

The CIIG currently has several thousand members and is continuing to grow.