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FSA launches crackdown on insurance fraud

March 7, 2007 by admin  
Filed under News, News-Insurance

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The Financial Services Authority (FSA) is working to reduce the amount of financial crime in the insurance industry.

As part of a drive to crackdown on the crime it has launched a reporting system which will see insurance firms alerting the FSA whenever they suspect foul play.

From there the FSA will make a decision as to whether or not it will investigate the case further.

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

“We want to know when a firm has 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 added.

Mr Bland went on to say that the new system is similar to the one introduced to combat mortgage fraud and he hopes that it will be just as successful.

The introduction of the system has been welcomed by the Association of British Insurers, praising it for providing a “simple point of contact to raise concerns”.

Tags: Stephen Bland, suspicion, insurance fraud, Insurance, Financial services, introduction, intelligence, point of contact

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