National Fraud Authority
The National Fraud Authority (NFA) was launched in October 2008 and is an Executive Agency of the Attorney General's Office.
The Fraud Review highlighted the need for a Government-led, co-ordinated approach to fighting fraud between the public and private sectors in order to help curb the fraud economy. It also recommended more proactive approaches in combating fraud across the range of counter fraud activities from prevention to redress.
The NFA was formed to address these challenges.
The National Fraud Strategy was published in March 2009. It identifies 20 objectives involving the NFA as a leader, collaborator or monitor. Fourteen key priorities have been identified including information sharing, public awareness, intelligence and mass marketing.
The SFO and the NFA collaborate closely at a strategic level to ensure that there is a co-ordinated response to the threat of fraud. We have also collaborated on research and other specific tactical issues.
Action Fraud
Action Fraud is the UK's national fraud reporting centre.
Action Fraud is a central point of contact to call and get help if
you've been a victim of fraud.
This is a new place for you to find out about fraud. If you are a victim of fraud, you can use this website to report the crime you have suffered and find information and resources to support you.
http://www.actionfraud.org.uk/victim_support
Action Fraud have an online tool for reporting for reporting fraud:
http://www.actionfraud.org.uk/report_fraud .
Serious and Organised Crime Agency
The Serious Organised Crime Agency (SOCA) is an Executive Non-Departmental Public Body sponsored by, but operationally independent from, the Home Office. It is an intelligence-led agency with law enforcement powers and harm reduction responsibilities. By harm we mean the damage caused to people and communities by serious and organised crime.
The SFO works closely with SOCA on an overall response to fraud.
This work is conducted under the umbrella of a Programme Board chaired by the Director of the National Fraud Authority. This group has addressed a range of fraud issues and this has involved the SFO working collaboratively with SOCA.
Example of work between SFO and SOCA
The SFO, SOCA and FSA have done work on hedge funds. They explored the potential vulnerabilities associated with setting up and managing hedge funds and aimed to identify 'red flags', areas where fraud may potentially be taking place.
The SFO engages regularly with SOCA to exchange information and intelligence.
City of London Police
The City of London Police (CoLP) has lead force status for economic crime, including corruption. This is run through its Economic Crime Department which consists of 144 officers.
It has considerable expertise in dealing with fraud and is regarded as the police centre of excellence for economic crime.
CoLP has been working with the National Fraud Authority on the project to introduce a National Fraud Reporting Centre (NFRC) and the National Fraud Intelligence Bureau (NFIB). It is anticipated that the NFRC will provide a much needed service to the public by giving them a channel to report details of confirmed fraud and pass on information about frauds.
The Commissioner of the City of London Police chairs the Association of Chief Police Officers Economic Crime Portfolio Group Meetings. This group oversees a number of working groups that address a range of issues including banking fraud; intellectual property crime; electoral fraud; insurance fraud; victims of fraud; cheque and credit card fraud; and identity crime. The SFO attends these meetings.
The SFO and the City of London Police collaborate on fraud investigations and have a common involvement in the area of anti corruption. The SFO maintains the national Anti-Corruption Register and manages the allocation of cases.
Financial Services Authority
The Financial Services Authority (FSA) is an independent non-governmental body with statutory powers under the Financial Services and Markets Act 2000. It is a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FSA Board which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets overall policy with day-to-day decisions and management of its employees being the responsibility of the Executive.
The key objectives of the FSA are:
- market confidence - maintaining confidence in the financial system
- public awareness - promoting public understanding of the financial system
- consumer protection - securing the appropriate degree of protection for consumers
- reducing financial crime - reducing the extent to which it is possible for a business to be used with financially criminal intent.
The SFO engages with the FSA regularly on cases that have been referred to the FSA and which may also involve serious and complex fraud. These cases would, as a matter of course, be referred to the SFO for an evaluation of the facts and a recommendation on whether to take up the matter for further enquiry. This requires both organisations to agree a course of action to ensure that cases are dealt with in the most appropriate way by the most appropriate body. Both agencies regularly exchange information and intelligence.
