Beware of Bogus Insurance Brokers

Posted on June 22nd, 2017

The following advice has been received from Bateman Group (Landlord Insure UK) who are specialists in providing insurance and financial advice.

Action Fraud have recently received a number of reports from members of the public who have responded to written posts, pages, pictures and adverts on social media platforms offering varying types of insurance cover at desirable prices.

However, once money has been transferred to the fraudsters posing as insurance brokers, a number of consequences have been reported.

In some cases, contact has been severed with the victim altogether and there is no further communication. In other cases, insurance has initially been purchased on behalf of the victim only to be immediately cancelled with the insurer; this means that bogus insurance brokers can forward voided paperwork or email concerning insurance cover to the unsuspecting victim and pocket any refunded insurance fees.

The Devon and Cornwall police offered members of the public the following advice:

• Though many genuine insurers and insurance brokers operate on social media platforms they may also have their own websites and physical locations. It is good practice to conduct further research regarding any company offering insurance services, especially when the initial advert or contact is via social media.
• If an insurance broker claims to be accredited with a good practice organisation don’t just take their word for it, be sure to contact the respective organisation directly and check their database or make an enquiry. To check that your insurance is valid, contact the insurer directly to verify the details.
• Use the Financial Conduct Authority’s website (https://www.fca.org.uk/firms/financial-services-register) to check if an insurance broker is authorised.

Please see the ‘SWLA Insurance’ section of our website if you would like a free no obligation quote from either of our preferred insurance brokers. Anyone is welcome to obtain a quote but there are exclusive discounts for SWLA members.

Insurance