What is there to complain about this week?
It’s a con
A total of 40 men have been found guilty of taking part in a £5.3m insurance scam, following a joint investigation by Bedfordshire Police and the Insurance Fraud Bureau. The ring involved a fraudulent supply chain that included legal and medical professionals.
The Treasury’s latest financial services regulation blueprint will do little to improve brokers’ working lives, according to Biba. The association’s response to the Treasury consultation on its proposals to replace the FSA calls for a more proportionate approach to regulating brokers.
Insurance fraud was down 5% in 2010, but the bad news is that it is likely to rise again next year, Experian has warned. The data-mining agency predicts a resurgence in scams in the wake of the recession.
Nearly six out of 10 people have not heard about the new continuous insurance enforcement law, according to a survey by the AA. And of those who are aware of the new law, which was introduced to the House of Commons for approval this week, only 38% understand what CIE means.
London’s position as a global insurer is under threat from “commercial, regulatory and fiscal” challenges, according to the new chairman of Lloyd’s, John Nelson. Nelson, chairman of property company Hammerson, will take over from Lord Levene this October, it was announced this week. He hit out at the UK tax and regulatory regime in his first interview.