Financial fraud is something that is seen as central to the role of the Financial Services Authority and, with increasing pressure being put on organisations through legislation such as the Bribery Act 2010, a growing concern has arisen that the Financial Services Authority will begin to investigate more often and bring sanctions against companies which fail to comply with these recent changes.
By placing a much greater onus on organisations, the Financial Services Authority has warned that it will be investigating processes within companies and taking action, where it deems it as necessary. Furthermore, regulations for in-house lawyers have been put in place, again requiring them to report certain factors to the Financial Services Authority. Having greater power is seen as one of the most fundamental changes in terms of fraud management that has been experienced by the Financial Services Authority, in recent years. This is likely to result in a substantial change to the way in which the Financial Services Authority operates and interacts with firms dealing within the financial industry.