Fraud Committee inquiry: Bank of England, FCA, Ofcom and Payment Systems Regulator to give evidence

These evidence sessions, which are open to the public, will be held in Committee Room 4A of the House of Lords and streamed live on Parliament TV.

At 9.30am the committee will hear from:

• Chris Hemsley, Managing Director, Payment Systems Regulator
• Huw Saunders, Director of Network Infrastructure and Resilience, Ofcom
• Mark Steward, Executive Director of Enforcement and Market Oversight, Financial Conduct Authority.

At 10.45am the committee will hear from:

• Tom Mutton, Director, Central Bank Digital Currency, Bank of England
• Christina Segal-Knowles, Executive Director for Financial Markets Infrastructure, Bank of England.

Questions the committee is likely to cover in this session include:

• How effectively do regulators work together to prevent scams across the fraud ecosystem and how could this be improved?
• The committee has heard that telecoms providers and tech platforms are not properly incentivised to tackle fraud facilitated via their services. What could be done to encourage these sectors to act?
• How forthcoming has the tech sector been in ensuring the validity of financial promotions on their platforms and what could be done to further incentivise action?
• Could mandatory reimbursement de-risk fraud on the part of the consumer and lead to it being seen as a ‘victimless crime’ by fraudsters and law enforcement?
• Does the Bank of England regard fraud as an issue of economic or financial stability? Which is the bigger threat?
• The Governor of the Bank of England recently said that cryptocurrency is the ‘new front line’ for scams. How do these views on cryptocurrency relate to the Government’s ambitions to make the UK a ‘global cryptoasset technology hub’?
• What regulatory models could be explored to tackle decentralised finance (DeFi) platforms?
• What action should online platforms take to tackle online fraud?

More on this inquiry

Read the transcript of the committee’s previous oral evidence session on Thursday 19 May 2022.

The committee’s work can be followed on its website and via Twitter.