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

The five-minute complaint and the five-day investigation

The five-minute complaint and the five-day investigation

GSI Group CEO on complaints, AI and the latest set of FOS reforms

Mark Buck
clock 12 August 2026 • 5 min read
Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin
clock 12 August 2026 • 4 min read
New Talent Alliance launches financial advice careers guide

New Talent Alliance launches financial advice careers guide

Designed to attract new entrants into the profession

Sophia Panayi
clock 11 August 2026 • 2 min read