fraud

Financial services firms must take their responsibilities on fighting fraud and money laundering seriously or face enforcement action, warns the Financial Services Authority (FSA).

Five fraudsters who used puppet trustees as a tool to steal almost £3m from a final salary pension fund have been jailed for a combined total of 26 years.

A tax consultant is to face the next couple of years behind bars after trying to cheat the Inland Revenue of almost £17m in taxable income.

Mortgage lenders have been told in a letter from the FSA there is little evidence of abuse of self-certification mortgage applicants as firms have good controls to prevent against fraud.