FCA Calls For System Overhaul To Fight 'Fraud Epidemic'

Law360, London (September 5, 2019, 1:12 PM BST) -- Economic crime has reached "epidemic proportions" in Britain because the regulatory system is confusing and lawmakers have failed to consider financial fraud when drawing up new policies on savings and investments, a top watchdog has said.

Some types of investment scam are rising rapidly, the FCA chairman has warned, as the agency said fraud costs Britain's private sector £140 billion ($172 billion) a year. (AP) Fraud against individuals, and in particular investment fraud, is widespread in Britain, FCA Chairman Charles Randell said in a speech published Thursday. Some types of investment scam are rising rapidly, he warned. Legislation, regulation and resources directed...

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