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
- 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.