Despite the FSA spending 10 per cent of its annual budget combating financial crime, the NAO called for the regulator to provide a more robust approach to tackling financial crime, and provide greater transparency and direction in its spending of funds towards the cause.
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Sir John Bourn, head of the NAO, said: “The FSA could improve the effectiveness with which it uses the current level of resources.”
The report also suggested that the FSA should provide greater assistance to small firms tackling financial crime.
Despite the calls for the FSA to improve its financial crime strategy, Bourn admitted that the FSA had created ‘strong and effective structures’.
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Speaking to the BBC, an FSA spokesperson confirmed that it would look into the report. He said: “On the whole, this is a positive report, but there is always room for improvement.”
Steve Brockman, director of A2B Mtg Co Ltd, said: “Money laundering regulations have always been there and I think the onus is on lenders. Brokers can only do so much by confirming proof of identity and address and lenders don’t want to see that these days. Lenders have got a deeper range of facilities available than anyone else and they are in the position to know if something is odd.”
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