Financial services is UK's biggest loser to fraud

Laura Miller
clock

Financial services loses more to fraud each year than any other private sector industry in the UK, according to the National Fraud Authority (NFA).

Fraud costs the financial services industry £3.8bn a year, the NFA figures estimate, accounting for almost half of all the £9.3bn private sector fraud. In insurance, fraud cost the industry £2.08bn during 2008, though these losses only apply to the general insurance market as undetected fraud in long-term insurance is believed to be very low, the NFA data suggests. However, the ABI believes the industry may have lost a further £1.9bn in undetected fraud during 2008, up 24% since 2006. In the mortgage sector the NFA found a culture of underreporting losses, with lenders suggesting m...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Wren Sterling adds £900m AUM with London-based IFA acquisition

Wren Sterling adds £900m AUM with London-based IFA acquisition

Evans Hart brings nearly 2,500 clients to the group

Sahar Nazir
clock 12 December 2025 • 2 min read
Demand for entry-level talent forces expansion of Nucleus-backed We Are Change scheme

Demand for entry-level talent forces expansion of Nucleus-backed We Are Change scheme

Foundation reports rising demand for entry-level routes into financial services

Sahar Nazir
clock 12 December 2025 • 2 min read
'Mounting anxiety' from Autumn Budget leading to more financial advice enquiries

'Mounting anxiety' from Autumn Budget leading to more financial advice enquiries

Enquiries for financial advice up by nearly a quarter following Budget

Sahar Nazir
clock 11 December 2025 • 1 min read