Fraud prosecutions on the increase

As this article shows, prosecutions for fraud involving financial services firms are on the increase. Criminal authorities are focusing in particular on the "failure to prevent" offence in relation to bribery and tax evasion. The FCA is also highly active in this area, as regulated firms are obliged to have in place adequate systems and controls. We expect this trend to continue, with more large scale prosecutions and fines throughout this year.