FCTR 14.1 Introduction

Who should read this chapter? This chapter is relevant, and its statements of good and poor practice apply, to deposit-taking institutions with retail customers.

The FSA’s thematic review, Bank’s defences against investment fraud, published in June 2012, set out the findings of its visits to seven retail banks and one building society to assess the systems and controls in place to contain the risks posed by investment fraudsters.

UK consumers are targeted by share-sale frauds and other scams including land-banking frauds, unauthorised collective investment schemes and Ponzi schemes. Customers of UK deposit-takers may fall victim to these frauds, or be complicit in them.

The contents of this report are reflected in FCG 4.2.5G).