View more on these topics

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.


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