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13 January 2023 / Paul Brehony , Kate Gee
Issue: 8008 / Categories: Features , Fraud , Criminal
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Fraud: under-resourced & under-prioritised?

Fraud costs us £190bn each year: Paul Brehony & Kate Gee review the House of Lords’ post-inquiry recommendations
  • Covers the November 2022 report by the House of Lords’ Digital Fraud Committee, ‘Fighting fraud: breaking the chain’.
  • Highlights key recommendations and six steps to tackle fraud, including asking the Payment Systems Regulator to look into slowing down certain payments and creating ‘failure to prevent’ corporate criminal offences.

A recent report by the House of Lords asserts that the UK’s battle against fraud is ‘under-resourced, under-prioritised, and its impact is widely under-estimated’. The report, ‘Fighting fraud: breaking the chain’, was published in November 2022 by the Digital Fraud Committee, a committee appointed by the House of Lords to consider the Fraud Act 2006 and digital fraud.

Baroness Morgan of Cotes, chair of the committee, concluded: ‘Successive governments have failed to tackle fraud with the priority it deserves. If citizens were being routinely mugged and having millions of pounds stolen from their wallets in broad daylight, every organisation

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MOVERS & SHAKERS

Signature Litigation—Catherine Naylor

Signature Litigation—Catherine Naylor

International fraud and asset recovery offering boosted by partner hire

Stevens & Bolton—Alexa Payet

Stevens & Bolton—Alexa Payet

Private wealth disputes team adds contentious probate specialist

Morgan Lewis—Paul Feldberg

Morgan Lewis—Paul Feldberg

Firm strengthens investigations and sanctions capabilities with London partner hire

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Cheshire West, which established an ‘acid test’ for deprivation of liberty safeguards, has been overturned by the Supreme Court
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Law firms that hold client money will need to file annual accountants’ reports and make a declaration, the Solicitors Regulation Authority (SRA) confirmed this week
Two district judges and a tribunal judge have been sanctioned for delays in delivering judgments and orders
Private equity (PE) investment into UK law firms halved to £250m last year, but deal volume rose, according to research by Acquira Professional Services’ Momentum private equity market tracker
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