FCA speaks on fraud prevention

Andrea Bowe of the FCA has spoken on what the FCA is doing to help reduce financial crime and its key role in the implementation of the Government’s Economic Crime Plan. She spoke of the equal importance of setting standards for regulated firms and making sure that only those with the right standards are authorised. She said it is also there to support and explain, although where necessary it will make use of its full enforcement toolkit.

She said the UK may be beginning to shift the dial with a fall in the percentage of overall reported crimes – but there are still significant amounts of money lost for many victims.

She moved on to discuss how regulators and industry can and must collaborate – giving the joint desire to address money mule activities as a topical example. She spoke of public campaigns and the significant reduction in illegal financial services ads on tech platforms following the FCA’s engagement with them.

She ended by saying that innovation and technology, and moving with developments, is key to continuing the fight.