Earlier this month, the UK Financial Conduct Authority (FCA) provided an update on its three-year strategy to reduce and prevent financial crime, calling for public-private collaboration across sectors to bring new tools to bear, as reported by FT Adviser.
Enforcement remains a key priority for the regulator. In 2023, losses from scams were reduced by 40%, and a record 15 individuals were charged with fraud offenses. However, the FCA acknowledged that enforcement alone is not sufficient to solve the problem of financial crime. As part of its strategy, the FCA has also invested in fraud prevention initiatives, such as issuing warnings about scams and partnering with social media platforms to ban unauthorized financial service advertisements.
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