FCA urges advice firms to take collaborative action in tackling fraud

Regulator emphasises urgency for firms to safeguard clients and combat fraud

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has called for advice firms to take ‘proactive action’ in tackling fraud.

Speaking at the Personal Investment Management & Financial Advice Association's (PIMFA) Financial Crime Conference last week (18 May), the FCA said a collective effort is needed to "ensure the UK is a hostile environment for fraudsters". Delegates were warned that further investment is required in new resources and staff to investigate financial crime after the FCA revealed that 40% of all crime reported in the UK was fraud. Head of department of advisers, wealth and pensions Nick Hulme said: "We cannot do it alone, we need the industry." The regulator said prevention of financial ...

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

Advisers urged to prepare for 'tipping point' as AI reshapes advice delivery

Advisers urged to prepare for 'tipping point' as AI reshapes advice delivery

EV innovation boss says advisers must harness AI without losing the human touch

Sahar Nazir
clock 25 June 2025 • 1 min read
Wren Sterling doubles Scottish footprint with City Financial acquisition

Wren Sterling doubles Scottish footprint with City Financial acquisition

Deal adds £700m in assets and over 6,000 clients as firm continues acquisition streak

Sahar Nazir
clock 25 June 2025 • 2 min read
Gen AI hallucination a 'core problem' with more oversight in finance field needed

Gen AI hallucination a 'core problem' with more oversight in finance field needed

Treasury Committee hearing

Sorin Dojan
clock 25 June 2025 • 2 min read