General Insurance Article - FCA tackling scams faster as part of data strategy

The Financial Conduct Authority (FCA) is using data to tackle online fraud faster by scanning approximately 100,000 websites created every day to identify those that appear to be scams.

 Where the FCA identifies fraudulent websites, it is proactive in requesting the website host shut them down, though it does not have the powers to force them to. Between May 2021 and April 2022, the FCA added 1,966 possible scams to its consumer warning list – over a third more than during the same period the previous year.

 This action forms part of an update on the FCA’s data strategy showing the progress it has made improving its use of data and its plans to identify and prevent harm sooner.

 As part of the strategy:
 The FCA plans to invest heavily in its use of data in 2022/23, recruiting a significant number of skilled roles, across Artificial Intelligence, analytics and data science as well as cloud engineering and digital technology, adding to the 100 it has recruited since 2020. The additional recruits will be responsible for a range of data and digital initiatives, including improving the quality of the data the FCA collects.
 The FCA is using advanced analytics and new sources of data to identify inappropriate financial adverts. Last year 564 adverts were withdrawn or amended, double the number compared to previous years.
 Following Russia’s invasion of Ukraine, the FCA has developed and implemented a sanctions screening tool to support the monitoring of the effectiveness of a firm’s controls in identifying organisations or individuals that have been sanctioned. This has been vital in supporting the FCA’s ongoing work with domestic and international partners in response to the war in Ukraine.
 The FCA will provide its staff with a dashboard for all the financial companies it regulates and sectors it oversees. This will make it easier to identify and focus on the highest risk cases.
 The data strategy underpins the FCA’s recent three-year strategy to reduce and prevent serious harm, set higher standards and promote competition.

 Jessica Rusu, Chief Data, Information and Intelligence Officer, said, 'Better use of data means we can be more proactive and find and stop harm faster. We are continuing to improve our data, technology and capabilities to act decisively in consumers interests, while making it easier for firms to report to us.'

Back to Index

Similar News to this Story

Higher costs for insurers hits the price of car insurance
The average price paid by motorists for their motor insurance in the second quarter of this year rose slightly on the previous quarter to £419, accord
Floods and storms bring insured losses to USD 38bn 1H 2022
Global estimated insured losses from natural catastrophes in first half of 2022 at USD 35 billion, 22% above average of past ten years (USD 29 billion
Commercial and cyber insurance rates continue to rise
Global commercial insurance prices increased 9% in the second quarter of 2022 (down from an 11% increase in Q1), according to the Global Insurance Mar

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.