FSA – Tackles crime in the Insurance Industry
Under the new system insurance firms and intermediaries are being called on to inform the Financial Services Authority (FSA) when they suspect criminal behaviour, so that the FSA can decide whether to investigate further. This may arise when an insurer terminates an agency agreement with an intermediary where they see doubtful practice or suspect misconduct. It may also arise where an insurance intermediary has concerns about another intermediary they do business with.
The FSA is calling on all insurance firms to supply it with the following information: the name of the firm; details of any individuals involved; details and evidence of the suspected and/or proven
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