Coy tipster gets hot under the collar of insurers
IT is 15 years since the insurance industry launched an end-of-days advertising campaign, replete with dodgy looking characters wearing outsized, white neckbraces, to convince the public that insurance fraud is not a victimless crime, etc.
The campaign, and others that followed, were an outrageous success, prompting many a concerned neighbour to blow the whistle on their dishonest brethren. But what to do if it’s an insurance industry scion that is perpetrating a fraud?
Word reaches me that one concerned entity has threatened to blow the proverbial whistle on a prominent Irish brokerage that allegedly engaged in financial malpractice that targeted policyholders and other stakeholders.
It is alleged by the would-be whistler that the well-known firm applied excessive fees and commission levies, altered claim histories and expects staff to “lie or withold information if they want to retain their jobs”.
The letter, sent to a glittering array of insurers (as well as some of the firm’s clients) outlines “disturbing and honest disclosures” about the firm and has caused something of a stir in the world of insurance.
It has also been forwarded to the Central Bank.
The tipster says it has begun a preliminary investigation with a view to making a protected disclosure – a white-collar whirl indeed.