PIMFA
FINANCIAL CRIME
Financial Crime is broadly any criminal conduct relating to money or financial services, including, for example, fraud, money laundering, the misuse of information (such as insider trading), bribery and corruption, handling the proceeds of crime, financing terrorism, or cybercrime. According to the Office of National Statistics, there were c.4.2 million fraud incidents in England and Wales during the year to March 2025 a 31% rise on the previous year.
The PIMFA Financial Crime Committee facilitates discussion across all significant matters of financial crime, ensuring that member firms are kept fully informed and compliant with legislative and regulatory developments and are provided with the latest intelligence, approaches and tools to combat financial crime effectively.
The guide in collaboration with Avyse offers practical, risk-based examples and recommendations tailored to the specific structures, client profiles, and transaction patterns typically found in the investment and wealth management sector
latest news
From Tick Box to Decision Tool – Rethinking Financial Crime Risk Assessments
Read this article from the PIMFA Journal #33 by Priya Giuliani at HKA about Rethinking Financial Crime Risk Assessments
FCA Cyber Resilience Insights
The FCA has published a set of cyber resilience insights based on discussions held in 2025 with around 140 firms through its Cyber Coordination Group. The insights draw on firms’ real world experience and cover incident response, AI related and quantum cybersecurity risks, as well as insider threat management.
Rather than introducing new regulatory expectations, the publication is intended to support peer learning and practical benchmarking, highlighting both areas of good practice and where common weaknesses continue to arise.
Firms are encouraged to use the insights to challenge and strengthen their own cyber resilience approaches.
HM Government: Crime and Policing Act 2026 – Criminal Liability
Following the changes made by the Economic Crime and Corporate Transparency Act 2023 which applied senior manager liability to specific economic crime offences, the Crime and Policing Act 2026 replaces and broadens those changes: firms will be criminally liable where a senior manager commits any criminal offence in the UK while acting within the authority of the firm.
FCA Global Action Against Illegal Finfluencers
The FCA has advised that it led a global week of action to stop illegal finfluencers putting consumers’ money at risk. This included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers to act responsibly.
The regulator called on social media platforms to play a more proactive role in stopping illegal financial promotions at source.
Read more details here.
FCA FIN074 returns: Economic Crime Levy
The FCA has updated the FIN074 webpage with links related to thresholds for the Economic Crime Levy and the amounts charged.
Access the update here.
PIMFA response to Cabinet Office Consultation: Making Public Services work for you with your Digital Identity
PIMFA have responded to the Cabinet Office Consultation on digital identity.
We support the development of a secure, interoperable national digital identity, though we believe that to deliver meaningful benefits for wealth management and financial advice firms and their clients, the framework should provide clarity on AML/KYC recognition and reliance, support interoperability with private-sector providers and maintain high security and assurance standards.
You can read the response in full here