View more on these topics

Tories could scrap Serious Fraud Office in financial crime shake-up

The Tories could create a new agency to tackle financial crime which would lead the closure of the Serious Fraud Office if they win the next election, according to reports.

City lawyers believe that agencies including the SFO could be scrapped and replaced by one body potentially called the Financial Crime Agency, according to The Times.

These plans would form part of the Tories’ overhaul of financial services regulation which would involve scrapping the FSA and transferring responsibility for regulating financial institutions to the Bank of England.

An agency for financial crime would take over the FSA’s enforcement division and the SFO and may also take on the new Consumer Protection Agency’s responsibilities for pursuing financial crime.

Recommended

Iceland to pay back cash to UK

The Icelandic parliament has voted to repay more than £3bn to the UK and Dutch governments for the money they spent compensating savers in the Icelandic banks.

Managing customers in drawdown

By Lorna Blyth, Investment Marketing Manager Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost-effective way. Most advisers are seeing an increase in drawdown clients following pension freedoms. Often these are clients with lower fund sizes, which means advisers are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Tories could scrap Serious Fraud Office in financial crime shake-up
    And who will staff the new agency in place of the SFO? Unemployed school leavers? Scrapping one agency and replacing it with another sounds all very grand and radical, but surely this is mostly tough talk with virtually no workable plan as to how it’ll actually be implemented. Meet the new boss ~ the same as the old boss, which is just the way the CPA will be in place of the FSA.

Leave a comment

Close

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

Email: customerservices@moneymarketing.com