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

Why the Kession ruling could reshape risk across financial promotion and AR structures

Why the Kession ruling could reshape risk across financial promotion and AR structures

‘Commercially, the implications are far-reaching’

Gareth Fatchett
clock 01 June 2026 • 5 min read
Advice firms report that around four in ten clients are vulnerable - MorganAsh

Advice firms report that around four in ten clients are vulnerable - MorganAsh

Data from the MorganAsh Resilience System

Jaskeet Briah
clock 28 May 2026 • 2 min read
Student loans present 'almost impossible' financial planning question

Student loans present 'almost impossible' financial planning question

To be a 'burden' for years to come, advisers say

Sophia Panayi
clock 28 May 2026 • 5 min read