Banking Fraud | New Offence | Kangs Solicitors


Colin Parker of Kangs Solicitors discusses the implications of a new legislation designed to target the banking sector.

Under section 36 of the Financial Services (Banking Reform) Act 2013 a criminal offence for failing to prevent a bank to collapse was introduced.

This regime is designed to ensure accountability of senior individuals in the wake of ‘massive failures’ in the words of the Parliamentary Commission on Banking Standards.

Senior managers and directors could be prosecuted:

  • for taking a decision that causes an institution to fail,
  • who were aware there was a risk that such a decision could cause such failure: or
  • if their conduct was not in keeping with the reasonable expectancy of the senior position held.

It remains to be seen the extent to which such offence is capable of being prosecuted but it exists as a salutary warning to all that the authorities are alert to possible unacceptable activity.

The need for early advice | Kangs Solicitors

Faced with any accusation of such alleged criminal activity an individual needs immediate advice and support at the time of interview.

One of the things to determine, amongst other factors, is whether those having conduct of the interview are merely on a ‘fishing exercise’ aimed at securing whatever detail can be extracted in order to assist their enquiries.

At Kangs Solicitors, we have an enormous depth of experience in supporting clients both before and at interview stage relating to allegations of financial misconduct involving millions of pounds.

We are able to assist clients formulate a detailed trial strategy should the matter proceed to court and we have immediate access to some of the country’s leading barristers in financial matters.

Other forms of fraud which we have regularly defended include boiler room frauds, Ponzi investment scheme frauds and Pyramid Scheme fraud.

Contact the Team

Please feel free to contact Hamraj Kang or Colin Parker at Kangs Solicitors for an initial free consultation.

We provide a nationwide service from our offices in London, Birmingham and Manchester and will happily discuss matters with you and advise you of the appropriate steps to take in your case.

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