With financial crime a growing concern in the financial services sector, the regulator has pledged to provide extra support and resources to tackle this issue.
Speaking at the FSA Retail Firms Division Conference, Sarah Wilson, director of the retail firms division of the FSA, said: “We are intending to pilot and, if successful, roll out a principles-based approach based on our experiences of ‘Treating Customers Fairly’. This would take a holistic approach to assessing firms’ strategy for reducing the effect of financial crime in their business, the level of engagement and control exercised by senior management and how firms set targets and measure success.”
She said the FSA would also conduct a review of its anti-money laundering regime.
A broker, who wished to remain anonymous, said: “Whatever firms do, financial crime is going to exist, and it is getting more sophisticated. Practices could be put in place to reduce or help to control the amount of financial crime, but it is not going to
go away.
“Is it an issue that the FSA should be taking up, or should the police be taking a greater interest in this?”
