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The Financial Conduct Authority (FCA) has recently issued a Portfolio strategy to claims management companies (CMCs). This essentially outlines their vision for the CMCs and the regulation strategy from now until July 2022. The letter covers the ‘key drivers of harm’ as identified by the FCA. The behaviours which the FCA have noticed from CMC’s which can mislead their consumers to their detriment and breed fraud.
Crash for cash scams involve fraudsters who intentionally drive dangerously (such as slamming on their brakes suddenly and without reason), to cause an innocent motorist to crash into them so they can claim for compensation.
Ghost brokers are fraudsters who set out to sell cheap insurance deals where the policies either don’t exist at all or aren’t valid. Either way, the consumer will not be provided with any form of legal insurance.
Kennedys are pleased to support the national campaign, ‘STOP THE SCAMS’ which has been launched by the insurance industry in a bid to help the public spot the signs of scams and report these to the Insurance Fraud Bureau (IFB) via Cheatline.
We’re delighted to announce the promotion of 36 associates to senior associate, up from 22 last year. The senior associates are drawn from insurance and liability, healthcare, and commercial, including specialists in fraud, commercial litigation, real estate, aviation and regulatory law. 28 of those promoted are based in the UK, four in Australia, two in Denmark, one in the Middle East and one in our Lat Am and Caribbean practice in Miami.