Financial Crime
Financial crime is defined by the Financial Conduct Authority (FCA) as “any kind of criminal conduct relating to money or to financial services or markets”. If you’ve experienced financial crime in the automotive sector, the FCA can offer advice and support.
In the UK, financial crime victims have legal rights, protected by various laws and regulations, which are elaborated upon here to provide guidance to victims of financial crime; although, if you feel you have been a victim of financial crime, you should consult the guidance and legislation of the relevant bodies directly.
The Right to Be Treated With Respect and Dignity
As stated by the FCA, financial crime victims have the right to be treated fairly, and with respect and dignity. The Code of Practice for Victims of Crime also outlines that victims have the ability to make choices that are to be fully respected. You can also contact us for more information.
The Right to Participate in Justice
As a victim of crime, the Code of Practice for Victims of Crime details that you have a right to make a victim personal statement which will be considered by a judge or magistrate, enabling victims to participate in justice.
The Right to Information
Victims also have the right to information – this includes to be provided with information when reporting the crime; information about claiming compensation; information about the investigation and prosecution process; information about the trial, trial process and your role as witness; information about the outcome of the case and any appeals that may be made by the defendant; and information about the offender following conviction.
The Right to Protection
You also have a right to protection, both during and after the investigation and proceedings, which protect you from re-victimisation, intimidation, and retaliation.
The Right to Privacy
Victims of financial crime moreover have a right to privacy, where privacy is respected by service providers in accordance with their obligations under the relevant privacy and data protection laws.
The Right to Compensation
The FCA can support you in applying for compensation following the conviction of a defendant, if you feel you have suffered loss at the hands of financial crime. Loss accounts for financial, emotional, and practical loss and disruption or damages.
The Right to Appeal Certain Decisions Made by the Criminal Justice System
If a victim believes certain decisions made by the criminal justice system, such as the length of the sentence given to the offender, are unfair, they can appeal.
Financial Crime Laws and Regulations
There are several legal documents pertaining to financial crime in UK law. Approaching official bodies, such as the police or the FCA, should be your first port of call if you believe you are a victim of financial crime. However, those within the automotive sector should familiarise themselves with legislation and regulations in an attempt to reduce and prevent financial crime. Such as…
Proceeds of Crime Act 2002
This act provides for the removal or recovery of criminal assets, denying criminals the use of the proceeds of crime, and helping to return assets to victims. You can view this legislation here.
Fraud Act 2006
This act outlines fraud as an offence, highlighting false representation, failure to disclose information, and abuse of position as the three ways fraud can be committed. You can view this legislation here.
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