Insurance Fraud 20
Insurance Fraud 20 : (6) Legislation: (6. 3) United Kingdom: A major portion of the Financial Services Act of 1986 was intended to help prevent fraud. The Serious Fraud office, set up in 1987 under the Criminal Justice Act, was established to "improve the investigation and prosecution of serious and complex fraud". The Fraud Act 2006 specifically defines fraud as a crime. This act defines fraud as being committed when a person "makes a false representation," "fails to disclose to another person information which he is under a legal duty to disclose," or abuses a position in which he or she is "expected to safeguard, or not to act against, the financial interests of another person". This act also defines the penalties for fraud as imprisonment up to ten years, a fine, or both. The Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know (book). Viaene S. & Dedene G. Insurance fraud: issues and challenges. Geneva Papers on Risk and Insurance. 29 (2): 313 -333, 2004 (article)
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