Treasury written question – answered on 25th March 2020.

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Photo of Stuart Anderson Stuart Anderson Conservative, Wolverhampton South West

To ask the Chancellor of the Exchequer, what plans he has to enhance identification checks for commercial institutions reviewing credit applications to reduce fraud.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

It is important that banks and other lenders identify their customers for their own commercial purposes and as part of the fight against financial crime. Firms are required by law to identify and verify their customers’ identity when they establish a business relationship. Each firm will then have their own policies on identification, and on the circumstances in which other checks should be undertaken. Firms are assisted in making such policies through industry-produced guidance notes. The Government also issues good practice guidance on Identity Proofing and Verification of an Individual.

Given the unprecedented situation resulting from the COVID-19 outbreak, the Government is alert to the issue of fraud and so continues to work closely with the Financial Conduct Authority (FCA), industry, and the National Economic Crime Centre to ensure that businesses, individuals, and families are not the target of fraudulent activities.

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