FCA issues clone marine underwriter warning
Watchdog warns that LGS Commerce Insurance is posing as Durham-based marine underwriter.
The Financial Conduct Authority (FCA) has raised the alarm about a clone firm posing as Durham-based Sunderland Marine Mutual Insurance (SMMI).
The regulator warned that LGS Commerce Insurance is using details of the authorised underwriter "to try to convince people that they work for a genuine, authorised firm."
The fraudulent company claims on its website to be "one of the largest specialist commerce insurers worldwide" and states that it has offices in the UK, Bahamas, New Zealand
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
FCA bans broker whose fraud caused client to fail and go into liquidation
The Financial Conduct Authority has banned David Robert Cooke, previously a director at Professional Construction Risks Limited, from working in all regulated activity after he received a police conditional caution for an insurance fraud that led to the collapse of a client.
FCA and PRA committed to driving competition and innovation
The Financial Conduct Authority is looking at what rules can be stripped out following Consumer Duty and if fair value assessments need to be every year.
Four more S166s into insurance firms
The Financial Conduct Authority commissioned four skilled person reports into insurance businesses between October and December 2024, taking the running total for the financial year into double digits.
FSCS opens to claims after Scottish broker stopped from trading by FCA
The Financial Services Compensation Scheme has opened for claims from customers of Arthur Temlett, who traded as Abacus Insurance Consultants and was forced to stop carrying out any regulated activities by the Financial Conduct Authority at the start of the year.
Seven kilometre high pile – FCA moves to clarify email deletion plans
The Financial Conduct Authority has acknowledged it hit the headlines last week with criticism of its plans to delete emails held in staff inboxes after a year, and has sought to explain what it is doing and why.
FCA within a whisker of green sweep on authorisations
The Financial Conduct Authority delivered a top rating of ‘green’ across 16 authorisation metrics with only one ranked as ‘amber’ and none in the red zone during October to December last year.
6% of FCA financial promotions cases caused by GI & Protection
The Financial Conduct Authority has revealed the general insurance and protection sector accounted for 6% of its workload in the final quarter of last year against firms breaching financial promotion rules.
FCA actions against misleading financial adverts nearly doubles in 2024
The Financial Conduct Authority intervened to get nearly 20,000 financial promotions withdrawn or amended in 2024, almost double the amount compared to 2023.