This consultation is a crucial part of our shared mission to protect consumers and the economy by reducing vulnerabilities within the UK’s economic crime system, strengthening our defences and ensuring all dedicated resource is being targeted towards highest priority threats first.

It is our belief that there are clear instances within the existing regulations where they are driving tick box compliance, disproportionately assigning resource towards activity with little to no impact on detecting or preventing economic crime. We set out our views within this response on the regulatory changes required to remove this. It is our desire to see us enabled to adopting a true risk based approach, redirecting resource toward high priority activity including agreed voluntary initiatives which can be difficult to resource. This would move us closer towards operating under a truly effective regime, successfully strengthening the UK’s system and better protecting us from economic crime and its associated harms.