Source · Select Committees · Treasury Committee
Recommendation 21
21
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.
Paragraph Reference:
123
Government Response
Not Addressed
HM Government
Not Addressed
Tackling more effectively the issue of fraud risks that are outside the perimeter of 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.