Event details
When
31st October, 12pm - 3pm
Where
Committee Room 10, Palace of Westminster
Format
There'll be a great line-up of speakers plus ample scope for discussion, debate and networking.
Why you should attend
Fraud, scams, and financial crimes are pressing issues in the UK, causing widespread harm to individuals and society at large. This has led to a growing loss of confidence in the country’s ability to not only protect its citizens from becoming victims but also to provide adequate support for those who do. The emotional toll on victims can be profound, with many experiencing distress comparable to post-traumatic stress disorder.
Beyond the individual suffering, financial crimes often serve as a funding source for other illegal activities, such as human trafficking, drug smuggling, and terrorism. On top of this, the economic impact on the UK is enormous, with vast sums of money being syphoned out of the economy and into the hands of international criminal networks.
One particularly tragic case is that of Mr. Ian Davis, who lost his life savings in the London Capital & Finance (LCF) scandal, a catastrophic regulatory failure that left thousands of people financially devastated. Unfortunately, Ian took his own life after losing everything just as he was approaching retirement. His story underscores the urgent need for reform. An Early Day Motion was passed in Parliament on 14th March 2023, partly inspired by Ian’s case, calling on the government to ensure that all agencies involved in fighting fraud are properly resourced and held accountable. You can view the motion here.
The Rt. Hon. Dame Elizabeth Gloster DBE’s highly critical report on the London Capital & Finance scandal is a powerful indictment of the failings in the UK’s regulatory framework. Her report highlights critical shortcomings in the way LCF was overseen, raising serious concerns about the effectiveness of the UK’s financial watchdogs in preventing fraud and protecting consumers. The findings from this report are central to understanding how such massive regulatory failures occurred and what needs to change to prevent similar tragedies in the future.
Additionally, two official reports and an evidence session published recently have been highly critical of how fraud is being handled by UK authorities, highlighting serious concerns about the lack of a robust response to this growing issue.
The House of Lords Committee on the Fraud Act 2006’s report, Fighting Fraud: Breaking the Chain, delivered a stark warning, stating, “The UK has retreated from the fight against fraud.” This report outlines the systemic failures in tackling fraud and calls for urgent action. It can be accessed here.
The National Audit Office’s report, Progress Combating Fraud, also paints a troubling picture, noting that “Fraud is a significant and growing problem. It currently accounts for around 41% of all crime against individuals.” This report underscores the urgent need for better resources and coordination to address the rising tide of fraud. It can be accessed here.
In addition, on December 1st 2022, the Public Accounts Committee held an evidence session on fraud. The transcript (which can be downloaded here) also shows there is good reason to be concerned about the ineffectiveness of the UK authorities to tackle fraud.
Both reports shed light on the growing scale of fraud in the UK and emphasize the critical need for more effective action from the government and law enforcement.
As a direct consequence of the passing of Ian Davis RIP the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services initiated a project called Operation Optimise which is a noble and necessary endeavour to better understand what the various agencies in the UK are doing to prevent individuals becoming victims of financial crime and/or providing them with guidance and support if they unfortunately become a victim.
The research and analysis that will be undertaken will lead to an understanding of:
- What, if anything, do they do to help reduce the chance of somebody becoming a financial crime victim; and how can that be optimised?
- What, if anything, do they do to provide support to financial crime victims; and how can that be optimised?
- What are the working relationships between the different entities (be that through formal Memoranda of Understanding or informal arrangements); and how can they be optimised?
- What additional powers are wanted by each entity that could be granted by Parliament to improve the organisation’s effectiveness in relation to financial crime?
The Fraud Summit aims to stimulate a meaningful dialogue among key stakeholders in an informal setting. While recognising the considerable work already undertaken to address financial crime, this summit is designed to gather candid insights from a wide range of participants on what more can—and should—be done. It will bring together policymakers, regulators, legal experts, and advocates to discuss how the UK can better protect its citizens from fraud and provide more comprehensive support to victims.
Line up of speakers
Steve Middleton
Banking Consultant, BankConfidential
Dr Ian Foxley
Founder and CEO, Parrhesia
Anthony Stansfeld
Former Thames Valley Police and Crime Commissioner