Source · Select Committees · Treasury Committee
Recommendation 21
21
Accepted
Paragraph: 123
The FCA should develop a strategy for how it will approach fraud risks that are...
Recommendation
The FCA should develop a strategy for how it will approach fraud risks that are outside the perimeter of regulation but involve authorised firms. That strategy should be set out in the next perimeter report.
Government response summary AI-generated
The government commits to developing a strategy for tackling fraud risks outside the regulatory perimeter but involving authorised firms, improving partnerships, and publishing details of this work in the next perimeter report.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
123
Government Response
Accepted
HM Government · verbatim extract
Accepted
regulation but involve authorised firms will be a key aspect of the FCA’s surveillance, triage and interventions work as it evolves, as well as the work to develop our approach to assessing financial information at the gateway. In pursuit of the same goal, we are also taking steps to improve our partnerships with government and law enforcement. We will publish details of this strategic work in the perimeter report. The success of this strategic work will depend upon the extent to which, at a national level, tackling fraud is a collective effort. As alluded to in the response to recommendation 11 below, we need law enforcement partners to step in and step up. They have the necessary jurisdiction, and need to be supported with adequate resources if we are to work effectively together.
Read the full response on Parliament ↗