Collective effort
He also said that it requires a collective effort from the industry and urged individuals and firms to talk to the FCA.
“We expect you to make us aware if you identify a firm or individual who could be involved in any wrongdoing, whether that be authorised firms but also unauthorised firms that you see or individuals who are operating without the relevant permissions,” he said.
“Don't sit with that information, come forward and use the standard notification procedures and the FCA whistleblowing procedure as necessary. We want to hear from you.”
He said this year, the FCA's focus on financial crime “will be stronger than ever in this sector”.
“You will see more of us as a result of the wider FCA work, but particularly so given this new dedicated and focused function for the consumer investment sector,” he added.
sonia.rach@ft.com
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