Source · Select Committees · Work and Pensions Committee
Recommendation 26
26
Not Addressed
Paragraph: 112
The FCA told us that there have been a very large number of prosecutions involving...
Recommendation
The FCA told us that there have been a very large number of prosecutions involving scams and unauthorised business. We do not agree with this assessment. Its own figures—revealed only through Freedom of Information requests—show that there were just 25 convictions. We have heard numerous criticisms that the FCA is not effective in stopping scams, punishing scammers or retrieving scam proceeds. There is a compelling case for a much more ambitious approach. We recommend that the FCA publish a costed plan to raise its game in tackling scams. It should also publish proactively data about its enforcement action, rather than waiting for Freedom of Information requests.
Government response summary AI-generated
The government response details HMRC's willingness to work with pension schemes on guidance regarding tax charges for early pension access. This response does not address the recommendation for the FCA to publish a costed plan for tackling scams or proactively release enforcement data.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
112
Government Response
Not Addressed
HM Government · verbatim extract
Not Addressed
The Financial Conduct Authority seeks to reduce the incidence of fraud through a framework of prepare, prevent, protect and pursue. They collaborate extensively with other agencies, including as one of the seven core National Economic Crime Centre partners. They have proactively published information on their actions to tackle scams in their Investment Harms report,3 and will publish more data of this kind in the future.
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