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FSA warns of illegal motor insurance firm

The UK Financial Services Authority has warned that an unauthorized motor insurer known as Double Easy Brokers, but trading as Eeasybrokers, has been selling invalid policies to consumers.

The Financial Services Authority (FSA) urged any customers who may have been sold policies by the company to re-arrange their motor insurance cover immediately as they may be unwittingly committing a criminal offence by driving without cover. The FSA is offering a helpline for customers who have bought the invalid insurance. However, the agency warns that, because the firm was not authorized, consumers do not have access to the Financial Services Compensation Scheme or the Financial Ombudsman Service.

Double Easy Brokers claimed that it was associated with Zurich Insurance Company and that it was authorized to issue insurance under Zurich’s name. The company also sold its invalid policies via a website in a style identical to that of easyMoney.com. In reality, however, Double Easy Brokers had absolutely no genuine connection with either company.

The FSA said that it knows of only a limited number of invalid policies that were sold to consumers in the Cardiff, Leeds and Southampton areas. However, because policies may have also been sold by franchises, the extent and location of the sales could be greater.

Furthermore the FSA said that, although Eeasybrokers appears to have ceased trading, it is possible that policies issued by Double Easy Brokers may continue to be sold by franchisees or other intermediaries.