Our Expertise

We employ some of the highest profile dual qualified chartered accountants/chartered loss adjusters in the UK and internationally. We have extensive experience of dealing with loss of money and fidelity guarantee claims for a wide variety of private and public sector entities. We have handled some of the most confidential and sensitive fidelity guarantee claims in recent years, recognising that an empathetic approach frequently produces the optimum result as soon as possible, whilst identifying cases that need a more robust involvement to maintain momentum.

Our investigations address:

Circumstances

We routinely meet with all parties (including the alleged miscreant as appropriate) and the Police to build a picture of what has happened in any particular case. Some investigations into the methodology of the incident can be complex – we are practised at summarising complicated financial transactions in the form of a report which is accessible to a wide range of recipients.

Proposal Form

We consider whether the systems of check set out on the proposal form or confirmed in annual renewals are carried out in practice and whether the risk that Insurers believed they were underwriting is the same risk that exists in reality.

Policy Liability

Sweeping up issues arising from the proposal form, we also consider the design and operation of the control systems. This will include consideration of internal audit reports prior to the incident where these are available, board minutes and the like. Formal statements will be taken to commit important evidence to the written record as appropriate. It is also the case that there can be legal liability issues to consider particularly where the status of an individual as an employee needs to be considered, or where the activities undertaken by a miscreant might be considered to fall completely outside the terms of their employment.

Quantum

Dual qualified as Loss Adjusters and Chartered Accountants, our practitioners are ideally placed to consider quantum, both in overall terms and also in identifying any areas of claim that represent loss arising from the activities of a miscreant but which are not necessarily covered by the policy (interest losses being a prime example). There are also claims relating to theft of assets rather than to theft of money and we work closely with colleagues with a wide range of experience who can provide direct input to the benefit of the claim – we have involved chartered surveyors and engineers in fidelity claims in the past.

Recovery

Fidelity guarantee claims are unique in that there is always a recovery potential at least in the form of the individual misappropriating the funds. Recoveries might embrace accrued pension rights, other assets held by the miscreant, banks, auditors, suppliers or others. We do not leave consideration of any recovery until the end of a claim, but ensure that these issues are considered in parallel with the ongoing investigation. Necessary freezing orders can be considered to ensure that assets which might become the target of a recovery action remain available.

There have been unusual recovery circumstances where we have recovered funds in excess of the amount lost through the action of a miscreant, surplus funds being donated to local charities.

Damian Glynn BA (Hons) FCA FCILA FUEDI ELAE Head of Financial Risks

Damian Glynn oversees financial losses including Fidelity Guarantee. For more than twelve years, he has been dealing with fidelity guarantee claims involving corporate entities (the press, manufacturers, retailers, professional services and others) as well as public sector entities (including local authorities, schools and churches).

Contact Us

If you wish to discuss our Fidelity Guarantee offering, contact Damian Glynn on

T: 0870 165 1932 M: 07920 877658 E: damian.glynn@teceris.co.uk.

Alternatively speak to your usual Teceris contact.