Fraud
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.
Zurich UK detects 31% increase in fraudulent property claims
Zurich UK detected a 31% increase in fraudulent property claims and a 7% rise in fake casualty claims in 2022, the insurer calculated.
Zurich flags rise in commercial crime claims as firms face average losses of £140,000
Theft at work in England and Wales has jumped by a fifth (19%), according to data released by Zurich.
Brokers call for more support to help fight insurance fraud
More than three quarters of brokers surveyed by RSA said they needed more resources in fighting fraud, which is on the rise.
FCA warns of Surrey broker clone
The Financial Conduct Authority has warned of a clone pretending to be Montgomery Kent Insurance Brokers.
Allianz Commercial reports detected fraud up 11.2%
Allianz Commercial has revealed it detected £70.7m worth of insurance fraud in 2022, up 11.2% on the £63.6m uncovered the year before.
FCA warns of broker clone
The Financial Conduct Authority has warned of a clone claiming to be independent broker Stonebridge Corporate.
Headline makers: December 2022
The key stories from the past month all in one place.
FCA outlines rogue financial promotions clamp down
The Financial Conduct Authority has proposed new measures to stamp out illegal, unfair or misleading financial marketing.
Increase in scamming methods as ransomware frequency decreases- CFC’s Lindsay Nelson
Cyber development leader at CFC Underwriting, Lindsey Nelson, has warned the insurance industry not to ignore other ways of scamming as ransomware decreases in frequency yet still dominates the headlines.
Ghost broking still a major problem as Aviva’s application fraud rises 16%
Aviva’s application fraud is on the rise, with ghost broking making up 15% of all policy fraud.