Watchdog, the Fraud Advisory Panel, has called for a reopening of the discussion on changes, first suggested 25 years ago, to the way fraud is prosecuted in the UK. The panel notes that only a fraction of the fraud committed currently ends up in court.
It published a discussion document outlining proposals to unite the separate and conflicting agencies responsible for major fraud prosecutions in the UK.
Monty Raphael, a Trustee Director of the panel and chairman of the group which produced the report, said: “Since 1985 when Lord Roskill’s Committee on Fraud Trials recommended a ‘unified fraud office’, the number of public bodies with responsibility for fraud investigation and prosecution has, if anything, increased. It is no wonder that fraud prosecutions are in disarray. There is no clear and firm policy in place to assure the public that fraud is being effectively tackled.”
The panel proposes the creation of a unified fraud prosecution office comprising most of the existing agencies currently tasked with prosecuting fraud and financial crime.
“The proposals are designed to stimulate discussion and debate on this very important issue,” said Mr Raphael. “The time has come for an end to the confusion and overlap caused by so many different agencies all pursuing similar goals. The UK needs a coherent and consistent policy and approach to the prosecution of fraud. The public needs to be convinced that the resources are in place to fight fraud effectively and are being used for that purpose. Only then will fraudsters be detected and the guilty brought to book.”
The discussion document ‘Roskill Revisited: Is there a case for a unified fraud prosecution office?’ can be downloaded in PDF format from the Panel’s website at: http://www.fraudadvisorypanel.org/newsite/publications.php?c_id=7
About the Fraud Advisory Panel
A registered charity, it works to raise awareness of the human, social and economic damage caused by fraud and to help individuals and organisations develop effective strategies to prevent it. It was established in 1998 by the Institute of Chartered Accountants in England and Wales (ICAEW) which continues to provide support. Members include representatives from the law and accountancy professions, industry associations, financial institutions, government agencies, law enforcement, regulatory authorities and academia.
