The Financial Conduct Authority (FCA) has said it will step up its game in tackling financial crime and make increasing use of its newly gained enforcement powers.
Speaking at the FCA's Financial Crime Conference today, FCA chief executive Martin Wheatley said the regulator would be looking more rigorously at tracking down offenders as well as stepping up its prevention efforts. He said new technology such as high-frequency trading had evolved fraud and amplified its effects, which was "an enormously serious issue". "Money laundering and corruption on one side of the planet can fuel crime on the other in a finger snap. Pension pots can fall and mortgages rise in seconds on the manipulation of benchmarks like LIBOR. "Increasingly high-tech Pon...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
