September 2024
Starting from:
£99 + VAT
Format: DOWNLOADABLE PDF
This conference brought stakeholders and policymakers together to examine next steps for tackling fraud and financial crime in the UK, including priorities for policy in the new Parliament, particularly in the context of the Government’s pledge to introduce a new expanded fraud strategy. As stakeholders await clarity from the Government on the direction of policy, we expected discussion on key issues and options put forward by interested groups.
It was an opportunity to consider the future for measures in the current Fraud Strategy, legislation such as the Economic Crime and Corporate Transparency Act and APP reimbursement reform from the Payment Systems Regulator, coming into effect in October 2024. We are pleased to have been able to include a keynote session with Head of Policy at the Payment Systems Regulator, Kate Fitzgerald, who updated delegates on the changes planned.
We also expected a focus on recommendations for consumer protection outlined in the FCA review into Anti-fraud controls and complaint handling in firms, as well as the future for reimbursing victims of online fraud and liability under the new Government. Delegates assessed approaches to strengthening business strategies for the detection and prevention of fraud, in light of concerns raised in the FCA’s review over the strength of the systems currently in place, and with the FCA currently conducting a Review of firms' treatment of customers in vulnerable circumstances, due to be published this year.
Sessions in the agenda included discussion on options for improving the effectiveness of the current system for reporting, investigating and prosecuting fraud, and the response of the criminal justice system, including sentencing.
These were discussed in the context of new and emerging types of fraud, looking at challenges in strategic coordination of data collection and intelligence-sharing between the public and private sectors, as well as with international partners, especially in light of the Government’s commitment to a Digital Information and Smart Data Bill, announced in the King’s Speech, which will aim to enhance data-sharing practices.
Further sessions considered the role of banking, technology and telecoms, payment companies, media and other key sectors in countering fraud and supporting customers.
There was discussion on key issues for consumers and banks, including what classes as ‘vulnerability’, along with data collection practices, following concerns raised by industry and in parliament over clauses in the Data Protection and Digital Information Bill which would have allowed government to ask banks for details of benefit claimants.
We are pleased to have been able to include further keynote sessions with: Nick Sharp, Deputy Director, Fraud, National Economic Crime Centre, NCA; Andrea Bowe, Director, Specialist Directorate Supervision, Policy and Competition - Markets, FCA; Oliver Hanmer, Head of Supervision, Compliance and Monitoring, Payment Systems Regulator; Riccardo Tordera Ricchi, Director, Policy and Government Relations, The Payments Association; Dr Jonathan Fisher KC, Barrister, Red Lion Chambers; and Senior Fellow, London School of Economics; and Stephanie Borthwick, Principal Policy Adviser, Which?.
Sessions in the agenda included:
- context: assessing the legal and regulatory landscape for tackling fraud in the UK and its current prevalence
- looking ahead: options for legislation and strategy, and priorities going forward
- regulation: priorities and developing frameworks to better support effective fraud prevention
- public awareness: fraud literacy and supporting vulnerable consumers and victims
- collaboration: strategies for coordinated prevention, reporting, investigation and prosecution
- policy: priorities for tackling fraud moving forward
All delegates were able to contribute to the output of the conference, which will be shared with parliamentary, ministerial, departmental and regulatory offices. This includes the full proceedings and additional articles submitted by delegates. Those that attended include officials from the Cabinet Office; DSIT; GLD; DBT; ICO; IPO; Department for the Economy, NI; DWP; OPSS; CMA; HMRC; HM Treasury; Home Office; FSA; Defra; DfT; MHCLG; Department for Communities, NI; Department of Education, NI; Ofcom; and The Pensions Regulator.
