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Tories to create Economic Crime Agency

The Conservative Party would create an Economic Crime Agency to replace the Serious Fraud Office and take over from the relevant duties of other regulators such as the FSA and Office of Fair Trading.

The Tories say the new body would toughen up the Government’s stance on white collar crime.

The ECA would take over the powers and responsibilities held by the SFO, FSA, Fraud Prosecution Service, the Revenue & Customs division and the OFT.

Under the Tory proposals companies would be made liable for the actions of rogue traders and fraudsters working within the firm. At present, companies can claim innocence of crimes perpetrated by employees.

The Conservatives have already pledged to scrap the FSA, should they gain power, and replace it with a Consumer Protection Agency to regulate IFAs with prudential regulation passed to the Bank of England.

Shadow Chancellor George Osborne (pictured) told The Sunday Telegraph: “We are very, very bad at prosecuting white-collar crime. We have six different government departments, eight different agencies a complete alphabet soup and the result is that these crimes go unpunished. There is £30bn worth of fraud taking place in the British economy each year.”

“Frankly, robbing someone of their pension through some con is almost as bad as mugging them in the street. But because it’s a crime that takes place behind a computer screen, or at the end of a telephone, it doesn’t get followed up and prosecuted.”

The Tories plan to concentrate on economic issues this week, ahead of the third and final leaders’ debate on Thursday evening where the debate will focus on economic issues.  


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. First criminals to have collars felt would be… er… the elected executive?

  2. Steven Farrall (Adviser Alliance) 26th April 2010 at 9:47 am

    Seems sensible, but why don’t they just re-inforce the SFO rather than re brand it all? Might be cheaper.

    As regards to CPA, my question is who protects the consumer for the CPA? Well, IFA’s do. Regulation has failed entirely to ‘protect consumers’. And it will go on doing so, however it is branded.

  3. Jacqueline Berry 26th April 2010 at 10:53 am

    Frankly I think the Tory proposal is an encouraging start to actually targeting crime that is being committed by white collar professionals who, until now have been getting away with hideous misconduct. There has been too much focus on having the right regulation and rules in place, but not enough focus on actually prosecuting these calculated individuls. I agree that at the moment, the set-up is a mess, we need one, central regulator that controls the regulation and prosecution alike. I say get rid of the multi agency “soup” set up that we currently have in place. In with the new ECA!

  4. First groups to be investigated:

    All current sitting MPS

    All Current Bank CEO, CFOs

    The FSA

    High court judges
    people who claime they will because UK dom so they can get a peerage then continue to live in belize

    Nick cleggs wife’s tennis partner (just for balance)

    George Osborne for fraudulently claiming to be competent

    Alasdaire darling for crimes against coller and cuffs not matching

    did i mention all MPs…..

  5. We also need urgently a new regulatory agency to regulate the FSA ~ and to punish it and its employees for transgressions of justice, over-claiming expenses, disregarding the Statutory Code of Practice for Regulators, as well as reigning in the wildly profligate overall costs of the organisation. And those things are just for starters.

  6. The tax paying working majority of this country are being mugged by both extremes of society.

    These suggestions give hope there is at least recognition off and a political will to deal with the boardroom bandits. Just please get on with it.

    At the other end of society the tories express a political will to deal with welfare fraud. Sadly I don’t think fraud is our biggest burden.

    It is abuse of a system which totally lends itself to abuse.

    The guy Ann Whiddecombe visited being a case in point. A caravan in the front garden so he could alternate wives to keep the breeding at maximum efficiency.

    This was parked alongside a Mitsibushi 3000 sports car plus his jeep. To this lowlife children are just a means to access the public purse.

    Ann got him a job,he lasted one day !!!!

    In another programme we witnessed a gobshite who could not put his tie on when given a chance at a job.

    The working people of this country are sick to death of a system that robs them to fund such profligate use of public money.Turning their taxes into fags,WKD’s and drugs for wasters.

    I suggest turning off the cash and deliver to them what the kids need. You can be sure that when cash goes to such households the kids do not benefit.

    Talk to any of these people and the first thing they bitch about is immigration. They come here to work because there are are jobs. Why? because these self same lazy bar stewards are to well off at home on the dole. Get it sorted.

    Another much abused part of our system is public and civil servants having their families at public expense. While I was trying to get pathalogy results a section head obviously frustrated, disclosed that a member of staff had worked three weeks in the past two and a half years. Two children with extended maternity leave plus sick leave being the cause, while on sick leave this person had the temerity to come into work to get her work mates to sponsor her for a 6000m run.
    With such colleagues is it any wonder people who work in the health service are under pressure.
    This also needs some serious sorting

  7. The problem is that so much financial crime in international in scope, so what is required is a European wide crime agency, however due to their own political dogma, this is something the Tories will never consider.

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