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Re: Motor Insurance voided by Diamond Insurance

Last post Sat, Jul 16 2011, 7:43 PM by babyF. 5 replies.
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  •  Sat, Jul 16 2011, 7:43 PM

    Re: Motor Insurance voided by Diamond Insurance

    I have since found the information below; how does this affect my daughter?

    Financial Services Authority

    ALERT

    We (the Financial Services Authority – FSA) have published this statement today in order to

    warn investors against dealing with unauthorised firms and individuals.

    This statement is to advise members of the public that an organisation identifying itself to UK

    individuals as:

    ABUS SERVICES

    19 WALTER STREET

    NOTTINGHAM NG7 4GD

    http://www.abus-services.co.uk/

    is not authorised under the Financial Services and Markets Act 2000 (FSMA) to carry on a

    regulated activity in the UK. Regulated activities include, amongst other things, deposit

    taking, advising on investments and dealing and arranging deals in investments ('investments'

    include insurance contracts). We believe that the organisation may be targeting UK

    customers.

    What does this mean for you?

    If you are an investor, you should be aware that the Financial Ombudsman Service and the

    Financial Services Compensation Scheme are not available if you deal with an

    unauthorised company or individual.

    the Financial Ombudsman Service and the

    Financial Services Compensation Scheme are not available if you deal with an

    unauthorised company or individual.

    if you deal with an

    unauthorised company or individual.

    How can you check whether a firm is authorised?

    To find out whether a company or individual is authorised, go to the FSA Register Check

    Service at http://www.fsa.gov.uk/Pages/register/

    http://www.fsa.gov.uk/Pages/register/

    Date: 08/07/2011

    Note: For an up-to-date list of unauthorised firms issued, please visit:

    For an up-to-date list of unauthorised firms issued, please visit:

    www.fsa.gov.uk/Pages/Doing/Regulated/Law/Alerts/index.shtml

    For further information on unauthorised firms targeting UK investors see the press release

    issued on 6 June 2006 at:

    www.fsa.gov.uk/pages/Library/Communication/PR/2006/053.shtml

    For more details about the tactics that are commonly adopted by unauthorised firms targeting

    UK investors see the warning issued in April 2005 available at:

    www.fsa.gov.uk/pages/Library/Communication/PR/2005/039.shtml

    • Post Points: 5
  •  Sat, Jul 16 2011, 7:23 PM

    Re: Motor Insurance voided by Diamond Insurance

    The broker I dealt with trades under ABUS home of cheap motoring, they are based in Nottingham. It turns out the person I dealt with, a Mr Shazad ur Rahman is selling cheap insurance for a number of services; It seems Mr Rahman is not regulated by the FSA and has been supplying services fraudulently. Innocent people have been caught up in the scheme he has been running, clearly to make a gain for himself. Truly evil !!!
    • Post Points: 5
  •  Sat, Jul 16 2011, 6:57 PM

    Re: Motor Insurance voided by Diamond Insurance

    While you are reporting them to various people, you might also want to email ABUS the security company, as ABUS who sell Insurance and holidays are using their logo.

    See this link. ABUS security

    On the ABUS- Services facebook which you can view on the cached version it says.

    For first-class advice, turn to ABUS - one of the largest independent insurance brokers in the country.

    This is a bit odd. I can't find them registered as an Insurance broker, but they are one of the largest.

    • Post Points: 20
  •  Sat, Jul 16 2011, 6:20 PM

    Re: Motor Insurance voided by Diamond Insurance

    Hi Huckster,

    Thank you ever so much for your help; I will be contacting the FSA and other bodies; I am currently in the process of speaking with Crimestoppers as I believe this person is dealing inappropriately and unfairly. I do hope to get to the bottom of this & shall keep you posted.

    Regards

    Sal.

    • Post Points: 20
  •  Sat, Jul 16 2011, 5:57 PM

    Re: Motor Insurance voided by Diamond Insurance

    Cannot find Abus-Services or Mr Shazidur Rahman on the FSA register. Their internet site does not say that they are authorised and regulated by the FSA. Normally on Insurers or brokers websites it will confirm they are authorised and regulated by the FSA, with the FSA registration number shown.

    The way is which premiums are handled is not something I have come across and I am not sure this would be compliant with FSA rules.

    Suggest that daughter contacts the FSA to find out if Abus are authorised and regulated to sell and administer Insurance. If they are not then Diamond should not have accepted the risk from an unathorised company/person and they will have to deal with this situation or risk FSA sanction.

    http://www.fsa.gov.uk/Pages/consumerinformation/checkourregister/index.shtml

    If it turns out that Abus are not operating as they should be, then your daughter will need to seek advice about to get any money back from them.

    http://www.actionfraud.org.uk/report_fraud

    • Post Points: 20
  •  Sat, Jul 16 2011, 4:10 PM

    Re: Motor Insurance voided by Diamond Insurance

    Hi,

    I'm hoping you can help with my query in relation to an Insurance policy my daughter took out with an Insurance broker who provides services under the name of Abus-services. My daughter contacted a Mr Shazidur Rahman (broker) who offered discounted motor insurance to the approximate value of £1250.00. The agreement being that she paid £600.00 into a Natwest account with the account details he provided; the remainder of the payment would be paid by my daughter into the same account at the end of the month. My daughter received her insurance policy to state she had been covered for a period of 12 months. However, a few weeks later (recently) she received a letter from Diamond Insurance stating that they have received confirmation that the credit card used to set up the policy is not held in the name provided nor is the person a signatory to it; and that the card is not registered to the address of the policy holder. Naturally out of concern I together with my daughter made several failed attempts to contact the broker; I finally managed to gain access to him on Facebook and demanded to know why the Insurance policy had been voided. In response Mr Rahman stated the policy has been invalidated as a result of my daughter not providing details of her no claims bonus. I made Mr Rahman aware that the issue had no bearing whatsoever with the no claims bonus but in relation to card not being registered with the policy holder. Mr Rahman claimed that he would contact my daughter that evening to resolve the matter. In the meantime I logged onto Mr Rahmans web pace (Abusservices of cheap insurance) surprisingly soon after I had spoke to him he put the page under reconstruction; I attempted to contact him via Facebook; it turns out he had privatised his account. All calls to him proved fruitless.

    My daughter has since logged the complaint with the police and has been advised to seek help from the Trading Standards Officer. She has made numerous attempts to contact Diamond Insurance to resolve the matter, however they are refusing to speak with her. On speaking with the Trading Standard Officer, we have been advised to write to Mr Rahman to resolve the matter and answer to our concerns. However the web address he has provided is directly linked to him and I'm not convinced that he will respond to my mail as he has avoided speaking to me. I have since learned that several other people have also had their policies voided in dealing with Mr Rahman who is based in Nottingham. There is no forwarding correspondence address where we can write to him.

    I am hoping you can offer some advice as to how to resolve the matter with my Insurance company. I'm doutful that my daughter will receive her money back and am extremely annoyed that her name will potentially be blacklisted through no fault of her own.

    Please help.

    • Post Points: 20