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Catch up with the latest press releases from LV=

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LV= responds to publication of Insurance Fraud Taskforce recommendations

Press release: 18/01/2016

Martin Milliner, GI Claims Director at LV= said: "We fully endorse the Insurance Fraud Taskforce's report and welcome its findings. The report clearly details the UK's highly dysfunctional motor market and the 'social corrosion' insurance fraud causes - factors which contribute to the UK being one of the most expensive countries in the world to run a car. Fraud is not a victimless crime - it increases costs for the consumer and causes societal harm via its clear links to organised crime and terrorist funding.

"We support the recommendations for, amongst others, better sharing of data across all IFB member firms; clearer definitions and better advice around data use; support for insurers to better defend suspect claims and increased monitoring of professional enablers within the legal, medical and claims management industries.

"For this to be successful it's crucial the IFB receives adequate financial support - and for the SRA to work far more closely with it. Only with this agreed, pincer-type approach across the board, will we be able to tackle insurance fraud and reduce costs for consumers."

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For further information please contact:

Nicola Hussey, nicola.hussey@lv.com, 020 8253 5238 / 07468 761 128


LV=

LV= employs 6,000 people and serves over 5.7 million customers with a range of financial products. We are the UK's largest friendly society and a leading financial mutual.

When we started in 1843 our goal was to give financial security to more than just a privileged few and for many decades we were most commonly associated with providing a method of saving to people of modest means. Today we follow a similar purpose, helping people to protect and provide for the things they love, although on a much larger scale and through a wide range of financial services including insurance, investment and retirement products.

We offer our services direct to consumers, as well as through IFAs and brokers, and through strategic partnerships with organisations such as ASDA, Nationwide Building Society and a range of trade unions.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. LVFS is a member of the ABI, the AFM and ILAG. Registered address: County Gates, Bournemouth BH1 2NF.