The UK’s financial regulator says it has “streamlined” its self-reporting system so companies can report the suspected financial crimes of others with greater ease.

The Financial Services Authority (FSA) is asking insurance companies and intermediaries for help in cleaning up the industry by dobbing-in anyone they suspect of wrongdoing.

It is calling for the names of companies involved in criminal behaviour, details of the individuals or customers involved and evidence of the suspected crime.

Small Firms Director Stephen Bland says the updated system mirrors its mortgage fraud reporting system that has “produced results”.