Our Discussion Paper on “Faces of Financial Crime: Suffering Caused by the Financial Services Sector” has been produced to provide a platform for individuals to share their experiences about the harm and suffering they have endured as a direct result of becoming a victim of financial crime and malpractice, malfeasance, misconduct, and mis-selling by the financial sector. 

Semi-structured interviews were undertaken with 22 victims and their stories are told to provide the personal, human perspective of the consequences of crimes which are too often presented merely as cold, abstract statistics. 

We found the cost to individuals cuts much deeper than simply the loss of money; we found the victims’ experiences adversely impacted all areas of their lives, with devastating financial, well-being, social, emotional, and support-related impacts. The severity and extent of those impacts are particularly highlighted by the themes of stigma, depression, anxiety, suicide, and social withdrawal; but even these alone do not paint the full picture.

This report gives a voice to victims and stimulates further discussion about much-needed policy reforms. It is also a clarion call to our elected representatives to fully explore and evaluate the many opportunities to remedy the failings in the financial sector that are available to them through the Financial Services and Markets Bill; for in it we propose detailed policy recommendations and the specific legislative opportunities through which they can be implemented.

We also share insights and statements of support from a wide range of stakeholders, for we are not alone in recognising the desperate need for improvements to the regulatory framework; a framework that has been tasked by Parliament to provide “an appropriate degree of consumer protection” but a framework that has chronically and catastrophically failed to do so. 

We are very grateful to the many volunteers who have worked to produce the Paper.