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Labour wants specialist SFO financial fraud unit

Ponzi Scam Fraud Gavel Law 480

Labour is calling on the Serious Fraud Office to target financial crime by setting up a dedicated financial services fraud unit.

A motion moved by trade union Unite at the Labour conference in Manchester this week calls for the specialist unit to be established. It also says bankers should be struck off if they break a tough new code of conduct.

It states: “Conference calls on Labour to promote greater competition in the banking sector; promote transparency about which communities and sectors do not get services from our banks; promote a code of conduct for bankers with those breaking the rules struck off; make the case for a new unit in the Serious Fraud Office to tackle fraud in financial services; and change the bonus culture by backing international changes to limit bonuses.”

Labour says “reckless and irresponsible” behaviour by bankers remains part of the problem.

It says: “Conference condemns the reckless and irresponsible behaviour by banks and bankers and believes the UK needs a banking system that recognises it has a responsibility to serve the real economy.”

The motion also backs a publicly-owned British Investment Bank to borrow in commercial markets and pursue active regional industrial policies.

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