Insurance firms urged to whistle-blow fraudsters

The initiative follows a similar system introduced by the FSA in April last year, which is designed to reduce the level of fraud involving loan applications handled through mortgage intermediaries. Under the new system, insurance firms and intermediaries are being asked to inform the FSA when they suspect criminal behaviour so the FSA can decide whether to investigate further. Examples of possible financial crime include: Misappropriation of client money or money held under risk transfer agreements; Failure to pass on premiums, refunds or claims; Falsifying customer details to ob...