You are here: Home - Insurance - News -

FSA aiming to catch the villains with informants

0
Written by:
06/03/2007

The Financial Services Authority (FSA) has asked insurance firms and brokers to give them a call when they suspect criminal behaviour is occurring so it can investigate the matter further.

The most likely circumstances where this process could be started is when an insurance company ends an agreement with a broker where it suspects doubtful practice or misconduct, or where a broker has genuine doubts about the integrity of another broker.

Stephen Bland, director of small firms at the FSA, said: “We are looking to all insurance firms to participate in this scheme and help us beat criminal financial activity in the industry.

“We want to know when a firm has a suspicion or evidence of malpractice so that we can act on it where appropriate. We hope that by sharing intelligence in this way, we can work together to reduce financial crime.”

He concluded: “This action mirrors the mortgage fraud reporting system which has already produced good results.”

Nick Starling, director of general insurance and health at the Association of British Insurers, said: “Insurers do all they can to combat financial crime. We welcome the FSA’s initiative- it will provide insurers with a single point of contact to raise concerns.

“I would urge insurers to help the FSA in this initiative.”

 

 

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Blair to go after the layabouts with welfare reforms

Following the publication of a top-level report, Prime Minister Tony Blair has said that people on benefits need “to make...

Close