“Are you the weakest link?” The FSA's financial crime review

Richard Burger and Samantha Hatt

Journal of Financial Regulation and Compliance, 2006, vol. 14, issue 3, 304-310

Abstract: Purpose - The FSA Financial Crime Sector Leader, Philip Robinson, outlined the FSA's new policy on fraud within the regulated sector in his October 2004 speech. The FSA subsequently undertook a review of 16 regulated firms and how to prevent and detect fraud. This paper considers the findings of the FSA's Firm's High‐Level Management of Fraud Risk Report and the reference to financial crime in the FSA's recent Financial Risk Outlook 2006 and Business Plan 2005/2006. Design/methodology/approach - The topic has been approached to consider the development of the FSA's policy on fraud with reference to speeches and policy documents. Findings - That financial crime is a significant threat to the financial services sector. Firms have taken proactive steps to tackie fraud, but more can be done. The 2006 may see greater focus by the FSA on firms' anti‐fraud measures. Originality/value - In examining the FSA's policy on anti‐fraud management this papers seek identify what the FSA requires from firms in terms of anti‐fraud measures. This paper should be of interest to compliance officers, MLRO Officers, fraud investigators and regulatory lawyers.

Keywords: Crime; Financial services (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrcpp:13581980610685667

DOI: 10.1108/13581980610685667

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