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Steward said that the FCA is also continuing to exercise its powers to “pursue offenders”. He said the regulator currently has 50 ongoing investigations in relation to unauthorised activity involving 183 suspects. He said many of those cases “have an overseas jurisdictional challenge”, but that the FCA is using its powers “to seek restitutionary outcomes as well as to bring criminal prosecutions where we can”.
Hinesh Shah, a financial crime investigator at Pinsent Masons, said Steward’s comments highlight the “assertive message” the regulator is issuing in relation to the action it expects of regulated firms in tackling investment scams and fraud.
“The FCA will continue to use its powers to pursue fraudsters – despite the significant time and costs involved – but they will also be expecting regulated financial institutions to play their part in the detection and prevention of investment fraud,” Shah said. “The focus on…
