FSA: Spearheading fight against financial crime

24 January 2007
The Financial Services Authority (FSA) has unveiled plans to create a new team to fight financial crime, the Financial Crime and Intelligence Division.

"Risks in this area inevitably evolve quickly and our responses have to match them," acknowledged the FSA's chief executive, John Tiner.

"We have to keep raising our game," he added.

The team will bring together expertise on financial crime previously dispersed throughout the FSA.

It will examine the risks of "hi-tech crime" including online information security issues, but also investigate "low-tech breaches of security, such as the careless disposal of sensitive data".

Concerns have multiplied in recent months over the disposal of paper bank statements and careless disclosure of bank details over the telephone in offices and other public spaces.

The FSA aims to establish the real threat level, to dispel exaggerated concerns, and to give due attention to those areas of financial crime where a real threat is found to be present.

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