Used well it can substantially improve the lives and wellbeing of people in a myriad of ways, helping them to achieve their ambitions and lifegoals.
However, criminals can seek to abuse the system, and financial crime, defined as ‘any kind of criminal conduct relating to money or to financial services or markets’, including fraud, terrorist financing, money laundering, sanctions, boiler rooms, impersonation etc and it currently costs £38.3bn* a year in the UK.
If you are an investor, it is very important to make sure you use a reputable, regulated firm, be aware of your rights around compensation and appeal if things do go wrong and know how to protect yourself and your savings.
If you are a wealth services and advice professional there are a myriad of developments, innovations and challenges in this space, and PIMFA is leading the way on representing members and their clients’ interests to government and regulators through constructive advocacy. We also provide a wide array of support in the form of practical guides, CPD events and learning, committees, resources and more.
Find out more about our financial crime work and cyber security work.