The Financial Services Compensation Scheme and the Serious Fraud Office have signed an agreement that will see them work more closely together.

This special relationship has been formed to combat “serious or complex fraud” and will see them share intelligence and information.

The two bodies have signed a memorandum of understanding in time for fraud awareness week, which runs from 15 November to 21 November.

FSCS chief counsel and fraud officer James Darbyshire comments: “Fraud undermines FSCS’s remit to protect consumers and promote confidence in financial services.

“FSCS has a unique position in the financial services sector, both in terms of our statutory function and our insight into fraud.

“We see many examples of cases where victims have invested their life savings into fraudulent schemes or products. We are proud to be working more closely with the SFO to meet the major challenge fraud poses to individuals, industry, and society.”

And SFO general counsel Sara Lawson QC says: “Fraud and corruption subvert fair business and erode confidence in UK Plc.

“It is crucial that we co-ordinate effectively with our domestic partners in the fight against these offences, and this memorandum sets out a clear commitment to work in the public interest with FSCS to do just that.”