Bogus accountants are involved in a loss-of-earnings scam that is threatening to cost insurance companies millions of pounds a year, writes Alex Miller. A nationwide fraud involving hundreds of cases every year of taxi drivers lodging inflated loss-of-earnings claims with insurers following road traffic accidents is being conducted with the help of 'so-called accountants'. The problem has got so serious that leading insurance claims investigator Ravenstone UK, has called on insurers to only accept claims which are backed up by qualified accountants. The company said it receives letters in support of claims on a daily basis from people calling themselves accountants who operate from seemingly respectable addresses and produce very impressive looking letterheads. But many of these 'accountants' only exist to mislead insurers into making inappropriate insurance settlements. Ravenstone managing director Bob Barnett said: 'A recent report from one accountant in support of a claim for loss of earnings made for interesting reading. 'The allegation was that a driver's net profit was down by 14.8% over a 13-week period, which amounted to a sum of almost £5,000. This was the amount that was being claimed. 'A little careful examination of the figures provided actually showed that this was impossible, as the driver would have had to make 2.4 deliveries every minute of a 12-hour working day and all this on £24 of diesel per week. 'An investigation into the validity of the accountant revealed that he was qualified but he had not held a certificate to practice for a number of years.'
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