New FSA Team to Crack Down on Financial Crime
The Financial Services Authority (FSA) in the UK has unveiled a new division to tackle the risks posed by the evolution of financial crime. The new Financial Crime and Intelligence Division aims to be a centre of excellence to provide leadership, tools and expertise needed to meet the increased challenges ahead and maintain the integrity of the UK’s financial sector. Among the tasks facing the new division, which is led by director Philip Robinson and came into effect on 1 January, will be examining the risks facing consumers from increasing information security and hi-tech crime, working closely with other regulators. This will include the potential for low-tech breaches of security, such as the careless disposal of sensitive data. The division will also be working with a broad range of economic experts from inside and outside the FSA to create an effective means of measuring the real scale of the problem posed by financial crime. The Financial Crime and Intelligence Division brings together all of the financial crime expertise that was previously spread throughout the FSA. It will work closely with law enforcement and other regulators to identify, assess and manage criminal threats in the UK’s financial sector.