The FSA has outlined its updated fraud policy and warned insurers to take better protection against fraudulent practices in the UK.
The FSA called for a working relationship to be established between firms, trade associations, the FSA, government and police to help in the fight against crime.
Launching the policy at a conference on 26 October, FSA financial crime sector leader Philip Robinson said the FSA would be “taking a closer interest in how firms and their senior management tackle fraud risks.”
He said the FSA would be encouraging a culture where firms are more confident in sharing information on significant frauds and near misses in order to benefit the industry as a whole.
