U.K. Insurance Fiasco Leads to Windfalls, Jobs

Article Excerpt

BY RICHARD PARTINGTON AND AINSLEY THOMSON
In job-starved northern England, Jonathan Sumner finally found full-time work 18 months after graduating from business school. In Portsmouth, on the south coast, Stephen Cox suddenly had enough spare cash to help his son buy a house and take his wife on vacation to celebrate their 35th wedding anniversary.
The two men don’t owe their good fortune to the U.K. government’s economic-revitalization plan or the Bank of England’s financial-stimulus program. Instead, they are among a large group of Britons benefiting from efforts to mop up a scandal in which banks improperly sold customers tens of billions of pounds of insurance …
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