The Financial Services Compensation Scheme (FSCS) and the Serious Fraud Office (SFO) have signed a Memorandum of Understanding (MoU) during International Fraud Awareness Week.
The two UK bodies have agreed to co-operate more closely in the growing fight against fraud.
FSCS and SFO have agreed the MoU to assist co-operation and co-ordination between the organisations to facilitate the effective investigation and prosecution of serious or complex fraud.
Both parties are committed to work more closely together and to share intelligence and information that assists each other as they carry out their respective statutory functions.
The FSCS said it has collected a vast amount of data, insights and intelligence throughout its work compensating consumers, including information on pension liberation scams, fraudulent investment schemes and the financial advisers promoting them.
Protect consumers
James Darbyshire, FSCS chief counsel and fraud officer, said: “Fraud undermines FSCS’s remit to protect consumers and promote confidence in financial services. FSCS has a unique position in the financial services sector, both in terms of our statutory function and our insight into fraud.
“We see many examples of cases where victims have invested their life savings into fraudulent schemes or products. We are proud to be working more closely with the SFO to meet the major challenge fraud poses to individuals, industry, and society.”
Sara Lawson, SFO general counsel, added: “Fraud and corruption subvert fair business and erode confidence in UK plc.
“It is crucial that we co-ordinate effectively with our domestic partners in the fight against these offences, and this memorandum sets out a clear commitment to work in the public interest with FSCS to do just that.”
