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 ...

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