FSA calls upon industry to report financial crime

LONDON—The U.K. insurance regulator has set up a reporting system aimed at reducing the amount of financial crime in the insurance industry.

Under the newly streamlined system, insurance companies and intermediaries are asked to inform the Financial Services Authority when they suspect criminal behavior, so that the regulator can then decide whether to investigate further.

The FSA has called upon industry practitioners to supply it with the name of the company it suspects of misconduct, details of any individuals involved, evidence of the suspected crime and the names of any customers involved, among other things.

A spokeswoman for the London-based FSA explained that companies have always been able to report suspicious behavior to the regulator, but the system launched Tuesday is intended to streamline that process and make it easier for companies to alert the FSA to suspected rule breaches.