The FCA Chief Executive, Martin Wheatley, has promised to crack down on fraud using all the recently enhanced powers of the authority. He spoke on 1 July 2013 of the effects of money laundering and corruption and the increasing sophistication of high tech multinational Ponzi frauds drawing in large numbers of victims.
Of particular concern to him were the following developments in financial crime: pension liberation frauds; inheritance frauds; scams relating to carbon credit/diamonds and rare earth metals. He also focused on frauds concerning land and property abroad.
In 2012 the FCA (formerly the FSA) levied fines in the sum of £312 million up from £89 million in 2011.
He also stated that the FCA receives 4,500 reports of fraud per annum, which they calculate costs the UK consumer more than £1 million per month.
We are currently advising a diverse group of finance professionals, including bankers, IFAs and accountants, facing both FCA regulatory and criminal investigations and proceedings.
Contact Jeffrey Lewis or Siobhain Egan, use our online enquiry facility, or telephone us on 0207 387 2032, if you need advice and assistance.
