Fraud
FCA warns of Admiral clone
The Financial Conduct Authority has warned of a clone claiming to be Admiral Insurance.
Zurich uncovered £78.5m in bogus claims in 2023
Zurich UK faced down £78.5m in fraudulent claims last year, equating to £215,117 a day.
FCA reveals slight decline in whistleblowing
The Financial Conduct Authority received 249 whistleblowing reports containing 649 allegations in the fourth quarter of last year.
GI & Protection accounted for 4% of FCA financial promotions cases in Q4
The Financial Conduct Authority intervened to get 10,008 financial adverts and other promotions withdrawn or changed in 2023, a year-on-year rise of 17%.
Allianz Commercial sees double-digit jump in fraud detection again
Allianz Commercial detected £77.4m worth of claims fraud in 2023 – up from £70.7m in 2022 – with application fraud savings of £1.95m.
Ghost broker who targeted Sudanese community sentenced
The City of London Police have revealed a man who offered fraudulent motor insurance policies to Sudanese nationals living in the UK has been sentenced to 10 months’ imprisonment, suspended for 12 months.
Former RSA employee who stole and sold customer details jailed
An ex-RSA employee has been jailed for stealing customer details and selling them to claims management companies.
Blog: Paul Tasker on brokers’ anti-money laundering responsibilities and actions
Paul Tasker, CEO of Reg Technologies, sets out responsibilities and a ‘must do’ list for brokers to deliver their crucial role in the fight against money laundering.
Aviva and IFB join forces to help combat paid-ad spoofing scams
Consumers are being urged to be extra cautious when searching for their insurer or broker online.
Aviva uncovered £120m of fraudulent claims in 2022
Aviva has revealed that it uncovered more than 9,250 instances of fraud in 2022 – saving customers £120m.
FCA warns of Axa clone
The Financial Conduct Authority has warned of a clone claiming to be Axa Insurance UK and Axa Investment Managers UK.
CFC extends cyber cover for professional services firms
Cyber insurance provider CFC has upgraded its packaged insurance policies for professional services businesses in a move it claimed could be a “game changer” for SMEs that cannot afford standalone cyber cover.
Ex-broker among 10 arrested in police crackdown on commercial insurance fraud
Ten people have been arrested across the country, and 18 vehicles seized during a two-week police operation to tackle commercial insurance fraud.
‘Extremely disappointed’ Alec Finch to appeal judge’s fraud verdict and damages
Alec Finch said he was ‘extremely disappointed’ and would appeal the judge’s verdict that favoured Toby Esser and his team, who claimed fraud took place when they were sold the AFL broker.
Ex-AFL owners Bob and Alec Finch guilty of fraud in broker sale
Former AFL owners Bob and Alec Finch committed fraud by misrepresenting their financials in the sale of their business, a High Court judge has ruled.
Products: September 2023
Recent product launches target solicitors, sustainable builders, construction sector and employers concerned by internal fraud and scams.
Insurance scams totalling £1.1bn detected in 2022
The value of the average insurance fraud case rose by 20% to £15,000 in 2022, according to the Association of British Insurers.
Unpicking the legacy of Michael Bright and Indy on the UK broking sector
Following the passing of former Independent Insurance CEO Michael Bright earlier this week, content director Jonathan Swift reflects on his legacy on the broking market.
Ghost broker sentenced after pocketing £302,000
A ghost broker who charged more than 900 motorists up to £300 each for fraudulent motor insurance policies has been sentenced.
Allianz Trade launches protection against employee fraud and external scams
Allianz Trade has launched a standalone fraud insurance product to help businesses combat the post-Covid-19 pandemic rise in employee fraud and external scams in the UK.
Tech entrepreneur launches kit to combat HNW fraud and underinsurance
Tech entrepreneur Jonathan Garnett has gone live with a system to help insurance firms combat fraud and underinsurance in high-net-worth assets.
FCA issues warning on UKGlobal Broking Group clone
The Financial Conduct Authority has warned that fraudsters have been trying to scam people using a clone of Howden-owned UKGlobal Broking Group.
Blog: How email addresses can help the crackdown on ghost broking
Brokers have an important weapon in the fight against application fraud – the humble email address – as LexisNexis Risk Solutions director Louise Johnson explains.
Calls for tougher social media regulation amid ‘ghost broking’ explosion
An explosion in ‘ghost broking’ is fuelling policy fraud, leading to calls for tougher regulation on social media to protect vulnerable customers.