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15th January 2019 Organised insurance fraud gang jailed for 33 years

The organised crime group, made up of 16 people, carried out 'crash for cash' fraud The ring leader orchestrated a series of deliberate crashes to steal almost £1.2m from insurers Eight members of the crime gang were jailed for a collective 32 years and 11 months The...

15th January 2019 Unauthorised firm transacting insurance business on Instagram

Unauthorised firm transacting insurance business using the social media website Instagram.   The FCA has issued a warning to the public advising that GLC Insurance has been providing financial services or products in the UK without our authorisation via Instagram. This is contrary to rules that state that...

23rd October 2018 FCA warning of Clone Broker

FCA statement - Ellis David Insurance Brokers (clone of FCA authorised firm): "Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Almost all firms and individuals carrying out financial services activities in the UK...

11th October 2018 “Dangerous” fraudsters sentenced to 18 years after huge crash-for-cash scam

500 deliberate crashes Multi-million pound scam 80 fraudulently obtained driving licences and passports Mastermind on the run The criminal “mastermind” behind the multi-million pound cash-for-crash schemes is on the run and police are appealing for help to find him. Two fraudsters were sentenced yesterday to 18...

4th October 2018 Tesco Bank fined £16.4m by FCA for failures in 2016 cyber attack

The Financial Conduct Authority has fined Tesco Personal Finance plc £16,400,000 for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber-attack.  The cyber-attack took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design of...

4th October 2018 Cross border car insurance back to 1960’s with no deal Brexit

When the UK joined the then Common Market in 1973 it heralded new freedoms for business and private drivers crossing borders in Europe.  With Brexit, especially if negotiations end with no deal, Britain faces travel restrictions that go straight back to the 1960s which is...

4th October 2018 Insurance broker jailed for fraud

The woman exploited her role working in the insurance industry to make false medical claims She used the names of friends, family and herself to make 31 fraudulent claims, worth £142,334 In one claim, she pretended to have a daughter and lied that she’d suffered injuries at...