FOI: Brokers make up almost 50% of cloned firm warnings over past decade
The Financial Conduct Authority has warned of 48 personal and commercial lines insurance intermediary clones in the past 10 years, a Freedom of Information by Insurance Age has revealed.
According to the FOI, the regulator issued 104 insurance firm-related alerts in the period, meaning brokers made up almost half the total.
The FOI was submitted after a number of clone cautions in the past year (see box, below) where the FCA has sounded the alarm about fraudsters impersonating genuine companies.
The level of annual warnings for all insurance firms during the past decade has varied significantly from three to 19.
The data shows alerts grew gradually from 2016/17 till 2021/22, the
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