In an era where we seek to buy services such as insurance policies online, we should take precautions to ensure that we are not being scammed. Young people who frequent various social media channels are particularly vulnerable.
Insurance Scams
Fake motor insurance policies are sold on social media, and young drivers are being warned not to fall victim to scams.
People aged 17-25 are being targeted by what is known as a ghost broker. These pose as intermediaries or middlemen, and sell policies which are either fake, cancelled immediately after purchase, or invalid due to incorrect details.
With many reporting that they would be unaware whether a deal was real or genuine, it is recommended that any intermediary offering motor insurance policies is checked through the FCA’s firm checker tool, to establish whether they are genuine and regulated.
FCA Compliance
The FCA regulates financial services firms in the UK; setting standards for them to meet, and holding them accountable when they fail to do so. This includes the regulation of motor insurance firms and their intermediaries. FCA can be a minefield, with complex rules and regulations which must be followed.
Specialist FCA compliance consultants such as www.adempi.co.uk/ can offer your business help, advice, support and training in all things FCA related.
If you have a business that works in the financial sector, then you need to ensure compliance. Enlisting the help of a specialist consultant can help you to avoid fines and penalties, as well as operate to a high standard.