Financial Services criminal offences, investigations, prosecutions

This Overview is a guide to the LexisNexis Financial Services subtopic Financial Services criminal offences, investigations and prosecutions, and includes links to appropriate materials. This sub-topic considers the Financial Conduct Authority (FCA)’s powers in respect of criminal offences and the FCA’s investigatory process into alleged criminal wrongdoing. It also considers the role of the Serious Fraud Office (SFO) in investigating financial crime in the financial services sector and provides detail on deferred prosecution agreements (DPAs). The news tab in this sub-topic provides a history of FCA criminal prosecutions and SFO prosecutions relevant to financial services firms.

Practical guidance on FCA enforcement involving non-criminal matters (including financial crime compliance breaches) can be found in: FCA and PRA investigations, enforcement and discipline—overview.

Overview

The FCA has powers to prosecute a number of criminal offences, including contravening the general prohibition, and offences related to market abuse and money laundering failings. The FCA is increasingly focused on its criminal powers, particularly since Steve Smart, formerly of the National Crime Agency became the FCA’s joint executive director of enforcement and market oversight. In June 2024, Smart stated:

Financial

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Latest Financial Services News

FOS implements charging regime for professional representatives

The Financial Ombudsman Service (FOS) has implemented a new charging regime for professional representatives, effective from 1 April 2025. Under this policy, representatives will incur a fee of £250 for each case referred beyond an annual allowance of ten free cases. If a complaint is found in favour of the consumer they represent, the representative will receive £175 back in credit, reducing the charge to £75. If a complaint referred by a professional representative is not upheld or is withdrawn, the financial business against whom the complaint was made will pay a reduced case fee of £475, instead of the standard £650. The FOS remains free for individuals who bring their cases directly, as well as for families, friends, charities, and voluntary organisations assisting them.

Stop Scams UK members pledge cross-sector fraud prevention collaboration

Stop Scams UK members have published a joint statement highlighting their united effort to combat fraud through collaboration, intelligence sharing, and innovative solutions. Fraud currently accounts for 41% of all crime in England and Wales. Leading companies from the technology, telecoms, and financial sectors have pledged to work together to protect consumers, build confidence, and drive economic growth. The initiative focuses on sharing intelligence, resources, and developing actionable communication strategies to safeguard consumers from evolving scam threats. The National Crime Agency and Lord Hanson, the Fraud Minister, emphasise the importance of public-private partnerships to disrupt scammers and protect the public.

Trade body seeks consumer duty slack for wholesale banks

Law360, London: A financial services trade body on 31 March 2025 is pressuring regulators to exempt wholesale banks servicing primarily corporate clients from the Consumer Duty regime to give companies easier access to capital.

Billions on the line as justices weigh motor finance appeal

Law360, London: Britain's highest court will consider on 1 April 2025 whether hidden commission payments made by lenders to car dealers were unlawful in a case that could leave banks on the hook for billions of bounds in damages and have legal ramifications far beyond motor finance.

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News