Back in December last year, the ABI declared its view that it would be ‘beneficial to the integrity’ of the General Terms of Agreement (GTA) between insurers and credit hire organisations (CHOs) to have participating CHOs audited by an independent third party.
The CHOs gave their collective assent and agreed to split the costs of the exercise 50/50 with the ABI. Independent auditors Fusion duly took on the job and began auditing the 70 first-tier GTA subscriber firms early this year.
The task now having been completed, Fusion approached the ABI with a bill for their half of the fees. At this point – as it so often will in the world of credit hire – the issue of impecuniosity reared its ugly head when the insurer body found itself obliged to admit to facing certain difficulties ability-to-pay wise.
Fortunately the freshly audited CHOs were able to do what they do best by extending credit to the ABI in the form of carrying both shares of the bill until such time as the ABI can squeeze some more cash from its stone-like members.
Don’t you just love a happy ending?