The Financial Services Authority unveiled a new division to tackle the risks posed by the evolution of financial crime.
Speaking at the FSA’s Annual Financial Crime Sector Conference, John Tiner, chief executive of the FSA told the audience that the new Financial Crime and Intelligence Division would further raise the FSA’s game.
Tiner says: “All of us involved in the fight against financial crime have to recognise that risks in this area inevitably evolve quickly and our responses have to match them.
This is a continuing challenge: as we react to the most recent attacks, so the criminals move onto new ways of achieving their objectives.
We have to keep raising our game and the FSA is responding to this by creating the Financial Crime and Intelligence Division.”
Amongst the tasks facing the new division, which is led by director Philip Robinson, and came into effect on January 1, 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.
Financial Crime and Intelligence Division has brought 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.