FCA Annual Report Highlights Record Fraud Crackdown

Law360, London (September 11, 2020, 1:25 PM BST) -- The British financial regulator has focused its efforts over the last fiscal year on ramping up financial penalties against businesses that have failed to comply with regulations and on weeding out fraud, according to its latest annual report.

The Financial Conduct Authority said it handled more than 20,000 reports about the companies it regulates — the highest in a single year.

The regulator said in its annual report for the 12 months to March that it had reimbursed £116 million ($148 million) to victims of push payment fraud, up 40% from 2018. The fraud takes place when a crook persuades his victim to wire money to...

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