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Friday afternoon fraud

What do such scams mean for professional indemnity insurers and their insureds, asks Janet Brook

23 September 2015

Instances of so-called 'Friday afternoon fraud' are of huge to concern to solicitors and their insurers. The Solicitors Regulation Authority (SRA) is said to be receiving three to four reports of such scams taking place each month. The frauds typically take place on a Friday afternoon when the scammers know client accounts are likely to hold large amounts of money in readiness for house completions. With the average house price nearing the £300,000 mark, it is easy to see why such frauds have such a potential impact on a firm's claims' record.

Will a firm be covered?

Before considering coverage issues surrounding Friday afternoon frauds, it is useful to have a reminder of what the SRA minimum terms and conditions of professional indemnity insurance (MTCs) state in relation to shortages on client account.

The MTCs state there must ...

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