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FSA to crack down on financial crime

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.


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Dear Delia

Mr Clements is a small builder who wants to buy a property to let out to students. The property has six bedrooms, a kitchen and a bathroom. It is in some disrepair and although it is fine structurally, a new kitchen, bathroom and general decoration is required before it can be let out. The fact that it is not in a state to let out at the present time means that the rental assessment from a valuer would be insufficient to support the advance he requires. What are his options?

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