Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FCA 'dawn raids' double in 2013 on boiler room crackdown

FCA 'dawn raids' double in 2013 on boiler room crackdown

The number of so-called 'dawn raids' conducted by the Financial Conduct Authority has almost doubled in one year. 

According to law firm Reynolds Porter Chamberlain (RPC), the regulator conducted 20 raids in 2013 versus 11 in 2012.    

RPC attributed the rise to the financial watchdog's crackdown on 'boiler room' scams.

The number is set to escalate further this year after 110 people, including 20 in the UK, were arrested in dawn raids as part of Operation Rico, a multi-jurisdiction investigation into boiler room fraud.

Last week the National Crime Agency and Kent police arrested a 21-year-old as part of the financial watchdog's investigation.

RPC regulatory partner Richard Burger said: 'Looking at all the current FCA criminal investigations it is clear that the FCA is widening the scope of its investigative responsibilities.'

He added: 'It is important that the FCA meets its consumer protection remit by cracking down on boiler room frauds but it is crucial that it doesn’t lose momentum in tackling complex financial crime like insider dealing.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter