Probity rules will be toughened

The Irish Financial Regulator opposes Sean Quinn remaining in control of his insurance firm, the Irish Tribune reports.

The Financial Regulator's fitness and probity tests are to be tightened. Quinn has already been fined under those rules. Claims by Quinn that the insurer was losing €3m a week since being placed in administration have been dismissed.

Financial Regulator Matthew Elderfield will this week meet with a group of Quinn supporters who want the government to provide a bond to Quinn to meet the solvency shortfall in the company.

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