View more on these topics

Govt reviews financial fraud database

The Government is carrying out a review of a planned financial fraud database after the project fell behind schedule.

The counter-fraud checking service is intended to pool data from HM Revenue & Customs, the Department for Work and Pensions, banks and insurers. If successful, it would allow private sector firms to use the database for automated fraud checks at the product application stage. Firms such as mortgage lenders could use it to detect fraudulent loan applications.

The Government is carrying out a cost benefit analysis to establish a business case for the database.

The National Fraud Authority had been tasked with carrying this out but control of the project was handed to the Cabinet Office after the NFA continued to “miss milestones”.

The first stage of cost analysis was due in mid-2013 but is not set for delivery until November. The full analysis is due for completion in 2015.

The Cabinet Office says it is carrying out a full review, which will make “recommendations for the scope, shape, approach, timescales, governance, cost and resourcing profiles of the project, including indicative risks and issues”.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm