FCA probe finds "no consistency" in insurer use of private investigators
The Financial Conduct Authority has stated that "there is no consistency" in the way insurance companies use private investigators (PI).
The regulator announced in March 2013 that it would begin speaking to the insurance industry about how firms used PIs.
And following this thematic review, the FCA has highlighted several areas of concern.
It stated: "The extent and robustness of the due diligence and control framework operated by insurers outsourcing work to private investigators was not always consistent with the potential risks involved in performing an activity directly affecting a firm's claims handling."
Specifically it
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