The Serious Fraud Office says the UK urgently needs a new centralised fraud database to combat rising financial crimes as the current FSA-run register is "clearly not working".
Kathleen Harris, SFO head of policy and standards, says the “mere thought” of a central fraud database containing the personal details of anyone ever convicted of a scam would be a “huge deterrent” because of the reputational damage it would cause. The FSA Register currently lists supervisory, disciplinary and civil action it has taken against regulated firms and individuals, including civil penalties imposed under money laundering regulations, under ‘disciplinary history’. But it clearly states it does not include criminal action, and it “does not hold information on action taken by...
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