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Is it time for a fraud busting regulator?

A number of high-profile figures in the city have today stepped forward to increased calls for a fraud busting regulator in the city of London. Currently fraud and scams are dealt with by the serious fraud office (SFO) along with various other operations although many believe now is the time for a single regulator to fight growing city fraud.

Not only are their concerns about the amount of fraud which is happening in the financial sector but also the impact which this is having on investor confidence in the UK financial sector. Many people also claim that the SFO is seriously underfunded with regards to its fraud investigation division with a paltry £20 million increase over the last three years. When you consider the serious issue of fraud in the US, many of which will eventually find their way to the UK, the total budget for fighting fraud across the country is very small in comparison to the size of the frauds and scams.

At this moment in time it has to be said that investor confidence and consumer confidence in the UK financial sector has probably hit an all-time low. Banks have taken billions upon billions of pounds of taxpayer's money and fraud and scams appear to be at record highs with very few criminal prosecutions for a variety of reasons.

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