The Financial Services and Markets Act (2000) gives the Financial Services Authority several regulatory objectives, including the reduction of financial crime: see Section 2 and Section 6. One criticism that has been made of this objective concerns accountability: by what measure or measures is it possible to determine whether the FSA has been successful in reducing financial crime? How is the extent of financial crime measured? One way in which the FSA attempts to answer this question is through a survey of regulated firms' perceptions of the scale of financial crime. The FSA's most recent survey of industry perceptions of financial crime was published this week. The survey found, inter alia, that 59% of large firms and 44% of small firms believe that financial crime is increasing.
Tuesday 20 January 2009
UK: FSA publishes financial crime perception survey results
The Financial Services and Markets Act (2000) gives the Financial Services Authority several regulatory objectives, including the reduction of financial crime: see Section 2 and Section 6. One criticism that has been made of this objective concerns accountability: by what measure or measures is it possible to determine whether the FSA has been successful in reducing financial crime? How is the extent of financial crime measured? One way in which the FSA attempts to answer this question is through a survey of regulated firms' perceptions of the scale of financial crime. The FSA's most recent survey of industry perceptions of financial crime was published this week. The survey found, inter alia, that 59% of large firms and 44% of small firms believe that financial crime is increasing.
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