Financial crime must be tackled head-on if the UK is to maintain trust in its markets and unlock growth, according to Steve Smart, director of enforcement and market oversight at the Financial Conduct Authority (FCA).
Speaking at the 1LoD Financial Crime Summit in London on Thursday (11 September), Smart likened the fight against financial crime to a football match, stressing the need for proactive tactics, clear strategies and teamwork across industries and borders.
“Financial crime doesn’t just steal money – it steals confidence,” he said.
“And that has consequences, because trust is the foundation of growth. Tackling it isn’t optional – it’s a prerequisite.”
Smart pointed to the FCA’s enforcement record, which last year included £186m in fines, convictions for fraud and insider dealing, and action against firms with inadequate anti-money laundering (AML) controls.
He also noted progress in tackling authorised push payment fraud, with 86% of losses reimbursed under new rules.
However, he warned that fraud remains the UK’s most common crime, accounting for 44% of all offences in England and Wales, while money laundering is estimated to exceed £100bn annually.
To counter these threats, Smart called for greater data-sharing, wider use of technology and smarter system-wide prioritisation.
He cited the FCA’s work with the National Economic Crime Centre’s Data Fusion Project and its synthetic data pilots to improve AML detection.
He also emphasised the need for international cooperation, highlighting joint action with eight regulators to crack down on rogue ‘finfluencers’ and his recent meetings with US enforcement agencies.
“The FCA is both regulator and law enforcer, giving us a unique role in joining up the system,” Smart said.
“But we can’t do it alone. Partnership matters more than ever – across sectors, agencies and borders.”
He concluded: “Every fraud we disrupt, every scam we prevent, every pound we return to victims strengthens the trust that drives growth. With the right mindset, players and game plan, we can score more goals than we concede.”
