Former IoD Boss Banned for Abusing COVID Loan Scheme

Anna Daroy, former director general of the Institute of Directors, has been banned from company directorships for 11 years for abusing state-backed emergency loans meant to assist businesses during the COVID-19 pandemic. The Insolvency Service revealed Daroy illegally obtained two 'Bounce Back' loans of 50,000 pounds each for her consultancy firm.

The incident exposes ongoing concerns regarding the oversight of the loan scheme, which disbursed billions to struggling businesses but was criticized for lax eligibility checks. Daroy's firm, Globepoint Associates Ltd, entered liquidation without repaying the loans, prompting action from the Insolvency Service.

Kevin Read, the chief investigator, emphasized the necessity for leaders to adhere to financial schemes ethically. The Institute of Directors, while avoiding comment on specific members, affirmed strict adherence to conduct standards, warning that members disqualified as directors would face membership termination.