Economic Crime: Consumer View Contents
Conduct of the inquiry
1.On 29 March 2018, we launched an inquiry into Economic Crime. We announced that the inquiry would be organised into two strands:
- Anti-money laundering and the sanctions regime. The Committee would examine the scale of money laundering, terrorist financing and sanctions in the UK, the current regulatory and legislative landscape, and how individuals, firms, and the wider economy have been impacted by these regimes and the implementation of them.
- Consumers and economic crime. The Committee would scrutinise the scale and nature of economic crime faced by consumers, particularly retail bank consumers, the effectiveness of financial institutions in combatting economic crime, and the security of consumers’ data.
2.We published a Report covering the anti-money laundering and the sanctions regime in March 2019. The Government responded in May 2019.
3.This Report covers consumers and economic crime. While we again examine the law, this time we focus on how legislation affects consumers, both directly and indirectly, who have experienced financial crime during their interactions with financial services firms. We define financial services firms as banks, building societies and payment system providers.
4.As well as receiving wide ranging written evidence, we held the following oral evidence sessions:
- 27 November 2018—Richard Piggin, Head of External Affairs, Which?; Richard Emery, Independent Fraud Investigator, 4Keys International.
- 8 January 2019—Police Commander Karen Baxter, Police National Coordinator for Economic Crime, City of London Police; Detective Chief Superintendent Peter O’Doherty, Head of Crime and Cyber, City of London Police.
- 13 February 2019—Stephen Jones, Chief Executive, UK Finance; Susan Allen, Head of Retail Business Banking, Santander UK; Chris Rhodes, Chief Product and Propositions Officer, Nationwide Building Society.
- 2 April 2019—Panel 1: Mark Tingey, Head of Financial Crime Operations, Metro Bank; Panel 2: Ruth Evans, Independent Chair, Authorised Push Payments Scams Steering Group; Richard Lloyd, Advisor, Authorised Push Payments Scams Steering Group.
- 15 May 2019—Megan Butler, Executive Director, Investment, Wholesale and Specialists Division, FCA; Chris Hemsley, Co-Managing Director, Payment Systems Regulator; Mark Steward, Executive Director of Enforcement and Market Oversight, FCA.
We would like to thank all those who provided written and oral evidence during this phase of the inquiry.