FCA Reports 50% of Young Drivers Facing Ghost Brokers in UK

AI Summary

The Financial Conduct Authority (FCA) has reported that half of drivers aged 16-25 have purchased car insurance through social media or messaging apps, often from 'ghost brokers' selling fake policies. This trend raises concerns as many young drivers might unknowingly be driving without valid insurance, potentially leading to legal ramifications. The FCA advises verifying brokers using its Firm Checker tool, as low rates might indicate fraud. The increase in ghost broking incidents has led to collaborations with social media influencers to raise awareness among young drivers.