FCA warns young drivers not to be left on the roadside by ghost brokers
The Financial Conduct Authority has warned 17-25 year olds on ghost broking scams as research finds half of young drivers have bought insurance through social media or messaging apps.
Some 39% of 100 young drivers surveyed between 24 April and 1 May, claimed they were not confident in spotting the signs of a fake policy.
The FCA noted thousands could be paying for cover that does not exist.
Don’t get ghosted by a policy that doesn’t exist. Check the FCA Firm Checker before you buy, because driving uninsured could cost you far more than any premium.Graeme Reynolds, FCA
Almost half of those polled said they generally trust products or services bought through social media. Young
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 or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
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 Insight
Ex-Aon/PIB leader named Kingfisher managing director
Kingfisher Insurance has promoted Gareth Butler to become its new managing director.
Axa’s Jon Walker on consistency for brokers in new role
Having been made CEO of newly created Axa Insurance UK in March, Jon Walker sets out his approach to the role and what the provider is doing for brokers.
Canopius seeks to ‘bridge the gap’ with new cyber triggered spoilage cover for perishable stock
Canopius Group has launched a cyber-triggered spoilage cover designed to protect businesses when a cyber incident renders their perishable stock unsellable.
Aviva doubling down for customers, says Martin
Aviva is committed to pushing on with an “absolute focus on customer” and will continue “doubling down”, David Martin, managing director for UK commercial and chief distribution officer, told Insurance Age as he teased a “major new proposition” pencilled in for the end of the third quarter will catch brokers’ eyes.
Acturis Worldwide reveals revenue and operating profit in inaugural accounts
Acturis Worldwide, the parent company of the software house since Astorg upped its investment in 2024, has revealed £25m of operating profit and £220m of revenue in its first set of accounts.
Newly launched Momentum AR buys Devon-based broker
Start-up broker Renata Group has purchased Devon-based Abbot Insurance Consultants, as part of its long-term strategy to expand its UK footprint.
FSCS confirms zero broker levy in 2026/27
The Financial Services Compensation Scheme has confirmed brokers will not pay a levy in the 2026/27 financial year, delivering on its intentions set out in November.
Allianz Commercial CDO Ktenidis targets e-trade growth in Northern Ireland and sub-£10,000 risks
Allianz UK Commercial is seeking to grab its share of a £2bn opportunity by converting manually traded sub-£10,000 premium risks to digital.