ComplySci’s European Chairman, Ronald Gould, shares his expert opinion with International Business Times on the ability for regulators to prevent fraud before it happens, as well as regulators’ capabilities overall. According to Gould, we cannot expect that up against extraordinarily clever men and women looking to commit fraud that regulators can prevent their actions beforehand. What we can expect, however, is that regulators will continue to push firms to embrace strong cultures of compliance, in which the tone set from the top does not condone nor provide any leniency for those who take part in illegal activities.
When questioned on the efficacy of the United Kingdom’s regulator, the Financial Conduct Authority (to which he was a former advisor), Gould explained that we can only expect the agency to be as effective as the resources provided to it. Without proper resources allocated to the regulatory cause, we cannot expect that the agency can become more effective than it has been in the past.