The technology firm’s shares were frozen by the FSA on Tuesday when a business recovery plan stalled.
In October, Money Marketing exclusively revealed the plan to sell The Exchange.
The firm has been unable to stay on track with its recovery plan for its life and pension business. Marlborough Stirling predicted it would take longer than expected for the plan to be reflected in The Exchange’s results. Marlborough Stirling conceded that short-term uncertainty meant shareholders would be better served by “pursuing a joint venture or sale process for some or all parts of the group”. This move brought the resignation of chairman Paul Fullagar who will be replaced by senior independent director Geoffrey Harrison-Dees.
Financial Technology Research centre director Ian McKenna believes The Exchange is an essential part of the industry infrastructure. He says: “Its absence would cause providers huge difficulties. The providers need to keep it running. I would be very surprised if people were not looking at contingencies to protect that.”
Thinc group operations director Roderic Rennison says his first job selling insurance door-to-door gave him the confidence to contact and connect with people