View more on these topics

EY to help bring private prosecutions against fraudsters

EY is launching a team to support City firms wishing to pursue their own prosecutions for fraud and economic crime.

The FT reports the professional services firm is the latest to tap into a growing appetite to bring private prosecutions against white-collar criminals who are not being pursued by police or the Serious Fraud Office.

EY is today launching a 20-strong team, including accountants, which will work alongside law firms.

EY head of fraud investigations and disputes John Smart says: “The ability to bring a private prosecution has been around for a while but we are seeing more and more demand from some of our clients who are concerned that the police don’t have resources to prosecute fraud.”

He says cases brought by overstretched prosecutors like the SFO can often take four to six years, while a private prosecution can be much quicker.

Smart says: “There is an appetite for these cases – which are seen as a cleaner and quicker route to getting money back, as you can always file a civil claim after bringing a criminal case.”

Anyone can bring a private prosecution but they have been brought mainly by wealthy individuals and companies because legal aid is not available.



Advisers back Consumer Panel warning over ‘nightmare’ non-advised drawdown

Advisers have backed a warning from the Consumer Panel on the risks of non-advised drawdown sales, claiming they are an “absolute nightmare” without advice. Speaking at the Taxation of Pensions Bill committee hearing last week, Consumer Panel member Teresa Fritz said the prospect of growth in non-advised drawdown in the wake of the Chancellor’s Budget […]


Bridging the gender gap

The financial services industry is based on people going for the option that best suits their needs. So it makes sense to give clients the choice between a male or female adviser, enabling them to confide in someone they feel comfortable with. But it is well known that men outnumber women in the industry. Anecdotal […]


Tax planning and the law of inertia

The BBC is on excellent form at the moment making science accessible to the masses. Entropy and the arrow of time sounds more like a Harry Potter book than the perplexing concept hinged on the notion that, as each moment passes, things change and, once these changes have happened, they are never undone.  Luckily, Brian […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment