UK GVT Public Sector Fraud Authority

On Aug. 3, UK GVT confirmed launch of Public Sector Fraud Authority.

  • UK GVT launched new authority to hunt down fraud committed against public purse.
  • Has been set target of identifying £180mn fraud benefits in its first 12 months.
  • This will be delivered in part by finding/recovering fraud re Covid bounce back loans.
  • Follows UK GVT Apr. 2022 unveiled new Public Sector Fraud Authority, see #136345.
  • Fraud Authority
  • Made up of counter fraud and data experts, using best-in-class tools and advanced analytics to help government departments and public bodies protect public money.
  • A cross-sector advisory panel will provide strategic advice, help shape the strategic approach to public sector fraud prevention/reduction, chair announced Sep. 2022.
  • Authority backed by £25mn new funding, will modernize UK GVT's counter fraud response by agreeing ambitious counter fraud plans and regularly reviewing progress.
  • Directly briefing cabinet ministers, providing expert support about fraud risks faced and helping departments/public bodies design and test defenses against these risks.
  • Will build a new National Counter Fraud Data Analytics Service to provide advanced data capabilities, such as social network analysis, to surface, fight and prevent fraud.
  • Enhance use of fraud intelligence across public sector to combat specific threats.

Regulators UK GVT; UK Treasury
Entity Types Bank; CNSM; Corp
Reference PR 8/3/2022; COVID-19
Functions Complaints; Compliance; C-Suite; Financial; Fraud; Legal; Market Conduct; Operations; Reporting; Resolution; Risk; Technology; Treasury
Countries United Kingdom
Products Banking; Corporate
Regions EMEA
Rule Type Guidance
Rule Date 8/3/2022
Effective Date 8/3/2022
Rule Id 145043
Linked to Rule :136345
Reg. Last Update 8/3/2022
Report Section UK

Last substantive update on 08/05/2022