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Fraud Pays. Victims Pay More.

Wed, 11 Feb 2026 14:15:00 GMT

By Carly Barnes-Short and Safoah Ntiamoah

When Britain’s national fraud police publicly concede that it is “ not always efficient to take fraudsters to court ”, something has gone profoundly wrong. The remark appeared in the launch materials for Report Fraud, a £175 million overhaul of the UK’s fraud reporting system, presented as a long-overdue modernisation of data sharing, prevention, and victim engagement.

On paper, the reforms promise progress. In practice, they expose a more troubling reality. A system in which operational efficiency is increasingly prioritised over criminal accountability, and in which the costs of fraud are quietly transferred away from perpetrators and onto their victims.

Policy Rationale

For years, Action Fraud, derided by critics as “ Inaction Fraud ”, has failed victims, campaigners, and parliamentarians alike. It became synonymous with poor victim support, negligible follow-up, and vanishingly rare outcomes. Reform was not only inevitable but necessary.

Yet improving the mechanics of fraud reporting is not the same as improving how fraud is investigated or prosecuted. This distinction matters. Modernisation on paper cannot substitute for justice in practice, particularly when senior officials suggest that “ alternative outcomes ” short of prosecution are preferable, or worse, more convenient than holding fraudsters to account.

For victims, the question is unavoidable. If criminal justice is no longer the objective, what, exactly, is being offered in its place?

The Consequence

Working closely with the V11 has revealed the true human cost of fraud in a way no policy paper ever could. The cases of these former Premier League footballers are often regarded as the exception because of their public profile, yet their significance lies not in rarity, but in their visibility. Their experiences bring into sharp focus a far broader and largely unseen population of fraud victims whose lives have been similarly disrupted, but whose suffering rarely commands attention, advocacy, or redress.

The harm extends far beyond financial loss. Fraud fractures lives. It undermines physical health, strains family relationships, and corrodes mental wellbeing. For some, it has meant the loss of their homes. For others, the looming threat of insolvency. For many, it has extinguished any realistic prospect of a secure retirement.

These are not abstract harms, and this is not a victimless crime. These are lifelong consequences imposed not by recklessness, but by criminal deception followed by institutional abandonment.

The Accountability Gap

There is a bitter irony at the heart of the current system. While justice is denied in the name of efficiency, victimhood is simultaneously acknowledged. Pete O'Doherty, the UK's National Fraud Police Commissioner, has himself recognised that it causes “ more than financial loss and often has devastating impacts on those targeted ”.

The harm is accepted. The trauma is recognised. Yet meaningful action rarely follows.

This is the quiet cruelty of the prevailing approach. Victims are validated in theory but deserted in practice. Their suffering is recorded, logged, and analysed, yet seldom addressed. Efficiency becomes the justification for inaction, even as other arms of the state continue to pursue those same victims for tax, penalties, and interest arising from the very schemes the police have chosen not to prosecute.

What emerges is not an accidental gap in enforcement, but a deliberate reallocation of responsibility. Fraud is acknowledged. Victims are recognised. Accountability is quietly displaced. Investigations are deemed too costly. Prosecutions too inefficient. The burden is shifted downstream, away from perpetrators and onto those already harmed.

This is not justice delayed. It is justice deprioritised by design.

No Justice, But the Taxman Still Collects

Despite the absence of criminal accountability, the tax system continues to operate with relentless precision.HMRC’s enforcement approach does not meaningfully account for recognised victimhood, resulting in victims being pursued as though they themselves were responsible for the fraud. Losses are not absorbed by the state, nor redirected toward perpetrators. They are monetised.

Some individuals have been pushed into insolvency. Others remain trapped in disputes that have dominated decades of their adult lives. Many have been publicly labelled “ tax avoiders ”, despite being formally recognised as fraud victims by the police and having paid tax in good faith for years.

Victimhood rarely carries weight in tax outcomes. This is the point at which the system crosses from ineffective to fundamentally unjust.

Call to Action

How can a system that perpetuates harm credibly claim to prevent it?

Fraud has been the most common crime in England and Wales since 2016 , affecting everyone from key workers to high-profile professionals. Yet without a meaningful shift in enforcement priorities, victims will continue to shoulder the costs of a framework optimised for administrative efficiency rather than accountability.

The result is not deterrence, but repetition. Recidivism remains high , reflecting a simple truth: penalties without prosecution, and enforcement without justice, do little to curb criminal behaviour.

What signal does this send? That fraud is acknowledged as harmful but deemed too inconvenient to pursue. That criminal accountability is treated as optional, while financial recovery from victims is not. In such a system, risk is systematically transferred away from perpetrators and onto those already harmed.

This is not merely a policy failure. It is an incentive structure. One that rewards fraudsters with impunity and leaves victims to settle the bill.

The Role of the Investment Fraud Committee

This is where the Investment Fraud Committee plays a critical role in establishing accountability and justice.

The IFC supports reform of fraud reporting, but victims need more than refurbished systems. They need accountability, credible deterrence, and a tax response that reflects the lived reality of fraud. Reform that improves reporting while abandoning victims at the point of justice is not reform at all.

The IFC will work with MPs across Parliament to challenge the current approach and to press for sustained scrutiny of how fraud is policed, prosecuted, and addressed within the tax system once victims come forward. Parliament must ask whether a system that prioritises efficiency over accountability, and disregards recognised victimhood in tax outcomes, is truly protecting the public, or merely redistributing costs onto those already harmed.

Alongside this, the IFC is working with leading lawyers at Mishcon de Reya and the Social Market Foundation to examine how other jurisdictions approach fraud from both a law enforcement and tax perspective, and what reforms the UK urgently needs to adopt.

Policy Box: What Reform Must Look Like for Fraud Victims

If the UK is serious about tackling fraud, reform must be systemic. Policing, prosecution, and tax policy must be aligned. Improving reporting alone is insufficient.

1. Prosecution must remain a core objective
Fraud is the most prevalent crime in the UK. While prevention and disruption matter, criminal prosecution must remain central for serious and harmful fraud. Without visible accountability, deterrence collapses and repeat offending flourishes.

2. Victim classification must carry legal weight
Formal recognition as a fraud victim must have consequences across the system. Victimhood cannot exist solely for reporting purposes while being ignored in subsequent state decision-making.

3. A fair tax response for recognised victims
HMRC policy must explicitly account for fraud victimhood. Where losses arise from fraud, tax enforcement should be paused during criminal investigations, interest and penalties should not accrue automatically, and outcomes must reflect harm suffered rather than presumed misconduct. A system that withdraws criminal justice while pursuing victims through tax enforcement is incoherent and unjust.

4. Alignment between policing and tax authorities
There must be structured coordination between fraud policing and HMRC so that the absence of prosecution does not default to assumptions of taxpayer wrongdoing, and policing decisions taken on efficiency grounds do not result in lifelong financial punishment for victims.

5. Learning from international best practice
Other jurisdictions, notably the United States, treat financial fraud as a serious crime, with properly resourced investigations, prosecutions, and sentencing that deter repeat offending. The UK should benchmark against these models, including how victim losses and tax consequences are handled.

6. Parliamentary oversight and transparency
Given the scale of fraud and the public money involved, Parliament should scrutinise whether deprioritising prosecutions represents sound use of public resources, the impact on recognised victims, and whether the current framework protects the public or merely shifts costs onto those harmed.

Fraud is now Britain’s most common crime, yet its victims are treated as collateral damage. Reform is not optional. It is the minimum a just state owes those it has failed to protect.

Bibliography

(Harvard)

Broadcast Media

Milway, R. (dir.) (2025) Football's Financial Shame: The Story of the V11. [TV programme] BBC iPlayer, 2 September. Available at: https://www.bbc.co.uk/iplayer/episode/m002d2kp/footballs-financial-shame-the-story-of-the-v11 (Accessed: 28 January 2026).

Government Publications

City of London Police (2026) Report Fraud launches. [Press release] 20 January. Available at: https://www.cityoflondon.police.uk/news/city-of-london/news/2026/january/report-fraud-launches/ (Accessed: 28 January 2026).
Home Affairs Committee (2024) Fraud: Oral evidence HC 296. London: House of Commons. Available at: https://committees.parliament.uk/oralevidence/14372/html/ (Accessed: 28 January 2026).
House of Commons Committee of Public Accounts (2023) Progress combatting fraud: Second Report of Session 2022-23, HC 40. London: The Stationery Office. Available at: https://committees.parliament.uk/publications/34609/documents/190751/default/ (Accessed: 28 January 2026).
All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services (2024) Written evidence submitted to the Treasury Committee inquiry into HMRC performance and reform [HMRC0020]. London: House of Commons. Available at: https://committees.parliament.uk/writtenevidence/126153/pdf/ (Accessed: 28 January 2026)
Ministry of Justice (2024) Proven reoffending statistics: January to March 2023. London: Ministry of Justice. Available at: https://www.gov.uk/government/statistics/proven-reoffending-statistics-january-to-march-2023/proven-reoffending-statistics-january-to-march-2023 (Accessed: 28 January 2026).
Ministry of Justice (2025) Proven reoffending statistics: October to December 2023. London: Ministry of Justice. Available at: https://assets.publishing.service.gov.uk/media/68fa7260b3e33205c4e6f058/PRSQ_Bulletin_oct_to_dec_23.pdf (Accessed: 28 January 2026).

News Articles

Hall, I. (2026) 'Report Fraud replaces Action Fraud as UK's "modern gateway" for tackling fraud', Global Government Finance, 23 January. Available at: https://www.globalgovernmentfinance.com/report-fraud-launches-replaces-action-fraud/ (Accessed: 28 January 2026).
Lawton, J. (2025) 'Ex-Liverpool star urges British PM to take action after falling victim to "fraud" scheme', Liverpool.com, 14 December. Available at: https://www.liverpool.com/liverpool-fc-news/features/danny-murphy-fraud-hmrc-tax-33056645 (Accessed: 28 January 2026).
Martin, A. (2024) 'UK police admit Action Fraud replacement will not be live by April as planned', The Record, 29 February. Available at: https://therecord.media/action-fraud-replacement-delays-uk-police-scam-reporting (Accessed: 28 January 2026).
Ross, M. (2026) 'Not always efficient to take fraudsters to court, police commissioner says', The Telegraph, 20 January. Available at: https://www.telegraph.co.uk/money/consumer-affairs/not-always-efficient-to-take-fraudsters-to-court-police-say/ (Accessed: 28 January 2026).
O'Doherty, P. quoted in Davis, P. (2026) 'Report Fraud promises to streamline fight against economic crime', Infosecurity Magazine, 22 January. Available at: https://www.infosecurity-magazine.com/news/report-fraud-fight-against/ (Accessed: 28 January 2026).

Websites

Good Jobs First (no date) Violation Tracker UK. Available at: https://violationtrackeruk.goodjobsfirst.org (Accessed: 28 January 2026).
UK Parliament (no date) Fraud. Available at: https://committees.parliament.uk/work/7913/fraud/publications/ (Accessed: 28 January 2026).
Fremantle (2024) V-11: The biggest scandal in the history of the Premier League [Press kit]. Available at: https://assets.fremantlescreenings.com/Fremantle/uploads/programme/pdf/1566/V-11__The_Biggest_Scandal_of_the_Premier_League_1729771845.pdf (Accessed: 28 January 2026).

In Depth: The Lasting Effects Of ‘Pension Liberation’

Fri, 09 Jan 2026 15:24:24 GMT

Laura Blows hears the devastating impact the Ark pensions scandal

continues to have on Sue Flood, and how this experience has motivated

her to work with the government and the pensions industry to become

a ’victims’ champion

Ex-Premiership footballer Andy Cole to ‘march for justice’ over financial crime victims

Fri, 09 Jan 2026 11:56:43 GMT

They have all been victims of serious financial crime

The Transparency Task Force (TTF) has organised a march in central London which will include ex- Premiership footballers such as Andy Cole in a bid to highlight the victims of investment fraud.

The ‘Enough is Enough march for Justice’ is taking place in London on the afternoon of 17 April, starts at 2:15pm at the Royal Courts of Justice and ends at the Houses of Parliament in Westminster.

The TTF said the the march was about giving a voice to the victims of investment fraud, financial crime and scams, particularly those that have been let down badly by the authorities, including and especially the Financial Conduct Authority.

Andy Agathangelou, founder, Transparency Task Force, said: “The overall idea is that we are bringing together people who are fed up with how hard it is to get redress/compensation/justice if they have become a victim of a scam/fraud/financial crime; the march is a chance to ‘give them a voice’ and protest at the ineffectiveness of the authorities including the regulators.

“This is our second march; the first was a very successful rally back in May 2022 (see the website for it here), which I’m proud to mention made its way into this BBC Panorama documentary – our 17 April march is also being filmed for another serious documentary about the scams/fraud/financial crime/regulatory failure problem.”

He added that “some ex Premiership footballers are going to be marching with us including Andy Cole – they have all been victims of serious financial crime”.

View Article :

https://www.international-adviser.com/ex-premiership-footballer-andy-cole-to-march-for-justice-over-financial-crime-victims/

When Eleven Voices Became One: The V11 Foundation Launch at Parliament and a Call for Reform

Wed, 17 Dec 2025 13:41:40 GMT

Last week, a powerful moment unfolded in the heart of British democracy — the launch of the V11 Foundation at Parliament. Eleven former Premier League footballers, known collectively as the V11, stood together not to celebrate sporting victories, but to demand justice — and to call for meaningful reform in the laws that currently leave victims of financial wrongdoing in limbo.

Who Are the V11?

The V11 Foundation represents a group of former professional footballers who, having earned their livelihoods on the pitch, fell victim to complex investment schemes marketed as secure and beneficial. These schemes — marketed in the 1990s and 2000s — eventually collapsed, leaving the players facing enormous tax penalties from HM Revenue & Customs (HMRC) despite being recognised as victims of fraud by law enforcement.

Instead of being protected, many have been left grappling with mounting liabilities, bankruptcies, lost assets, and ongoing stress. Their experience has drawn comparisons to other high-profile scandals where ordinary people were failed by the system, highlighting deep structural issues in how fraud victims are treated by law and enforcement.

A Letter to the Prime Minister

Following the Parliament launch, the V11 Foundation sent a heartfelt letter to the Prime Minister, urging urgent action on their behalf. In that letter, they appealed for government intervention to address the unjust consequences they continue to face — even after official recognition as victims.

The crux of their appeal centres on one key point:

If someone is officially recognised as a victim of criminal wrongdoing, they should not continue to be pursued for penalties directly resulting from that wrongdoing.

Their letter calls on the Prime Minister to ensure fairness in how tax liabilities are assessed and enforced when fraud is at the core of the loss — and to reconsider how the law currently treats such cases.

Launching a Foundation — But Also a Movement

The V11 Foundation isn’t just a support group for the individuals affected; it’s a movement aimed at championing change. At Parliament, the former players shared powerful testimony about how their financial futures were derailed by what they described as manipulative advisers and opaque schemes.

Their aim is clear: to ensure that no other athlete, or any individual, is left unprotected and left alone to fight an uphill battle when they fall victim to financial fraud.

IFC’s Commitment to Working Together for Reform

The Investment Fraud Committee — welcomes the formation of the V11 Foundation and stands in solidarity with its mission.

We believe:

Fair treatment under the law should include recognition of victim status in all related legal, tax and financial consequences.

Regulatory reform is needed to close gaps that allow mis-selling and unregulated investment schemes to flourish.

Stronger protections and clearer avenues for redress must be established for victims of financial wrongdoing.

Our campaign will focus on collaborating with the V11 Foundation to lobby Parliament, engage with policymakers, and raise public awareness of the systemic issues highlighted by the V11’s story. We see their struggle not only as a matter of individual justice, but as a broader call for reform — one that intersects with financial regulation, taxpayer fairness, criminal justice, and the rights of victims.

A Call to Action

The launch of the V11 Foundation and the subsequent appeal to the Prime Minister mark a pivotal moment in the fight for fairness and accountability. The IFC is proud to work alongside the V11 in campaigning for much-needed reform.

Together, we will continue to:

Amplify the voices of victims

Engage lawmakers on statutory changes

Promote financial protections for sportspeople and the wider public

Justice doesn’t just mean recognition — it means changing the system so fewer people have to suffer the same fate.

Public Explainer: Why We Are Calling for Fair Treatment for Investment & Pension Fraud Victims

Fri, 05 Dec 2025 13:40:05 GMT

What’s happening?

Many ordinary people across the UK have lost their life savings, pensions, or investments after being misled, mis-sold to, or defrauded.

Now, on top of those losses, many are facing large and often life-changing tax bills from HMRC — even though they were the victims, not the perpetrators.

These include:

1. People caught in failed or fraudulent pension schemes

2. People misled into investment tax structures they did not understand

3. Victims formally classified as victims of crime by the police

4. Many others pushed into schemes by unregulated or poorly regulated advisers

For many, these tax bills arrive years — sometimes more than a decade — after the events, and with no special protection, no write-offs, and almost no recognition of their victim status.

Why are people being taxed if they were victims?

Under current UK tax rules, even if someone is tricked into a scheme later found to be fraudulent or abusive, HMRC can still treat the payments they received as taxable — even if the person never benefited, lost money, and was misled throughout. This is because there is no framework or policy in place currently recognising victim status in UK tax matters.

That means victims can be told:

They owe tens of thousands of pounds, or even more
They have 30 days to pay or enter long-term repayment plans
Interest and penalties may apply for over a decade
Bankruptcy could follow if they cannot pay

For many people already ruined by fraud, this is devastating.

What changed with the Loan Charge — and why it matters now

In 2025, the Government accepted the Independent Loan Charge Review, which admitted that:

HMRC’s approach had caused “significant and unacceptable harm”

Many people were mis-sold schemes

Enforcing the full tax was unfair and disproportionate

As a result, the Government announced:

50%+ reductions in many Loan Charge tax bills

Around 30% will have their tax completely written off

Penalties and interest removed

An extra £5,000 written off for everyone affected.

This was a major shift:

For the first time, the UK accepted that legally-due tax can be reduced or written off when people were misled or harmed.

We believe the same principle must now be applied to fraud victims.

Why this is urgent?

Many fraud victims are now receiving tax bills:

Ark pension victims are getting assessments with 30 days to pay

Some still cannot get final tax calculations even after 15 years

Others face bankruptcy or homelessness.

The “V11” footballers — recognised by police as victims of crime — still face multi-million pound tax bills on top of huge financial losses.

These people did nothing wrong.

They acted in good faith.

They were badly let down by advisers, weak regulation, and a system that did not protect them.

How other countries protect victims:

Other nations do better:

Australia

After a national investigation, the Australian Tax Office created a Vulnerability Framework to protect people harmed by financial abuse. This allows:

- Tax debts to be reduced, deferred or written off

- Special teams trained to identify and support victims

• A system that avoids adding harm to people already harmed

United States

After the Bernie Madoff scandal, the US introduced special tax reliefs for ponzi fraud victims. The US also have created:

- A statutory Taxpayer Bill of Rights

• An independent Taxpayer Advocate Service

These ensure the tax system does not punish victims.

The UK currently has none of these protections.

What we are calling for:

We want to ensure victims of fraud are treated fairly, humanely, and consistently.

We are calling for:

1. An Independent Review

A full review of how HMRC treats investment and pension fraud victims.

2. Immediate protection from harsh enforcement

Stopping bankruptcies, home repossessions and unaffordable tax demands for recognised victims of fraud.

3. A UK Taxpayer Bill of Rights

A simple, fair set of protections ensuring vulnerable people are not harmed again by the tax system.

What you can do:

If you or someone you know has been affected:

Contact the Investment Fraud Committee

Ask your local MP to support a fair review for fraud victims

Share your story — it helps us push for change.

No victim should be punished for being misled or defrauded.

It’s time for a fair system that recognises and protects victims — not one that harms them again.

Loan Charge Review: a recognition from HMRC that tax bills can be written off when enforcing it is unfair

Wed, 03 Dec 2025 12:02:20 GMT

The recent Budget delivered something almost unprecedented: a recognition from both HMRC and the Treasury that legally-due tax can be reduced or written off when enforcing it would be unfair, disproportionate or harmful.

For victims of investment and pension fraud—many of whom are now facing crushing tax demands on top of catastrophic losses—this moment matters more than ever.

1. What Happened: A Major Shift in Tax Policy

The Government has formally accepted the Independent Loan Charge Review 2025 and announced a sweeping new settlement for individuals caught in loan remuneration schemes.

�� Review link: https://www.gov.uk/government/publications/loan-charge-independent-review/loan-charge-review

Key features include:

- 50%+ reductions in most Loan Charge liabilities

- Full write-offs for around 30% of cases

- An automatic £5,000 write-off for everyone in scope

- Removal of penalties and most interest

- Promoter fees excluded from tax calculations

Crucially, the Review concludes that the Loan Charge caused:

- “Significant and unacceptable harm”

- Involved “individuals who were duped by promoters”

- And that HMRC’s approach has not always been right

- This is more than a technical adjustment.

- It is a decisive policy shift in how the Government treats taxpayers who were misled, mis-sold to, or harmed by regulatory failures.

2. Why This Matters for Investment & Pension Fraud Victims

Thousands of fraud victims—across collapsed investment schemes, pension scams, and highly-engineered tax structures—remain under aggressive HMRC pursuit for historic tax liabilities.

And yet these victims are, in many ways, in a far stronger position than the Loan Charge cohort:

- Some were classified as victims of fraud by police and regulators

- Their losses have been devastating—in many cases wiping out life savings, pensions or entire career earnings

- They often gained no financial benefit; instead, they suffered net losses

- HMRC is offering no relief at all: only time-to-pay arrangements with decades of interest, penalties, or bankruptcy

- This includes victims of pension schemes like Ark, investment schemes such as those promoted to professional athletes, and numerous others who were duped into complex structures by regulated advisers.

Fraud victims have not been granted an independent review or settlement opportunity—and are being treated far more harshly.

3. The Parallels With the Loan Charge Are Unavoidable

The justifications used to provide relief to loan scheme users apply equally to fraud victims, including:

• Mis-selling and deception by advisers and promoters

Victims were intentionally misled by individuals or firms regulated by the FCA or operating under the radar of an ineffective supervisory system.

• Regulatory and supervisory failure

Authorities repeatedly missed red flags—whether in pension transfers, unsuitable investments, or schemes later declared non-compliant.

• Severe financial and mental-health harm

Families have been devastated by years of uncertainty, loss, and unpayable demands.

• Decades-long disputes

Some victims have been trapped in HMRC disputes for 10–15 years, with no route to closure.

• Inability to pay without life-changing consequences

Many face insolvency, homelessness, or total loss of retirement security.

If these exact factors justify 50–100% write-offs for individuals caught in the loan charge scandal…

…then justice demands at least equivalent relief for victims who were defrauded and left with nothing.

4. Why This Is a Pivotal Opportunity for Parliament

The Loan Charge settlement establishes a clear and powerful precedent which we support :

Parliament can intervene to reduce or eliminate historic tax liabilities when fairness and proportionality require it—regardless of strict legal liability.

This creates a direct opening for MPs to demand:

• Full or partial tax exemptions for investment and pension fraud victims

• Consistency in policy: fraud victims must not be treated worse than other tax payers

• An independent review specifically into HMRC’s treatment of fraud victims

At present, the inconsistencies are indefensible:

- Identity fraud victims already receive exemptions.

- Investment and pension fraud victims receive nothing—even though enforcement for some schemes (e.g., Ark) is expected immediately after Christmas.

- Victims currently face a binary and brutal choice:

❌ Decades of interest and penalties through time-to-pay

❌ Bankruptcy

❌ No exemptions, no IVAs, no hardship relief, no recognition of fraud

❌ No action against the perpetrators

This cannot be allowed to stand.

5. The Bottom Line

The Government now accepts that pursuing full historic tax bills in cases involving:

- mis-selling,

- deception,

- regulatory failure, and

- human harm

- is unfair and disproportionate.

That principle must apply consistently.

The Loan Charge settlement is a historic and welcome breakthrough—and a compelling foundation for demanding equivalent protection for all investment and pension fraud victims.

Fraud victims deserve an independent review.

They deserve parity.

And they deserve justice.

The Investment Fraud Committee will be calling on the Government to establish this review immediately.

Allowing HMRC to proceed with post-Christmas enforcement against devastated fraud victims would be morally impossible to justify.

This is the moment for Parliament to act.

Ark Pension Case: A 15-Year System Failure — and Fresh HMRC Assessments Bring New Pain for Victims

Mon, 24 Nov 2025 16:25:52 GMT

As HMRC issues assessments in the Ark pension case — hitting doormats just weeks before Christmas — Ark victims are being forced to confront yet another devastating chapter in a saga that has dragged on for more than 15 years.

What is now happening to Ark members is not simply an isolated dispute. It is the direct consequence of systemic policy and oversight failures across the UK’s pension and tax framework. And yet again, it is ordinary people — not promoters, not advisers, not regulators — who are paying the price.

1. Registration Without Real Protection

The Ark schemes were fully registered with HMRC when many people joined. That registration gave them legitimacy in the eyes of savers — but provided no real scrutiny, no early warning, and no protection for consumers.
This is a fundamental flaw: registration should mean safety. In practice, it meant nothing.

2. Regulators Were Too Slow

Despite clear red flags around scheme structure and early-access mechanisms, intervention came far too late. By the time regulators acted, the damage had already been done.
The system designed to protect savers instead watched from the sidelines.

3. Complex Rules the Public Couldn’t Possibly Navigate

The pension tax regime is notoriously complex.
Victims relied on assurances, paperwork, and the fact that the schemes were registered. They now feel they have been deceived — but face the consequences of rules they were never equipped to understand.

4. A Decade and a Half of Silence, Stress and Uncertainty

For 15 years, Ark victims have lived in limbo. Frozen funds. Incomplete information. No clear timeline.The administrative handling of these cases has been painfully slow, leaving families unable to plan or move forward.

5. Devastating Assessments Now Arriving at the Worst Possible Time

The latest HMRC assessments — landing before Christmas — add a cruel emotional and financial blow. Many people now face tax bills on schemes they believed were legitimate and facing a position of net loss.

It is difficult to call this fair treatment of citizens acting in good faith.

6. Promoters Move On — Victims Carry the Damage

The imbalance in accountability is stark, and it highlights a structural problem: the system punishes the victims.

This Moment Demands Reform

The Ark case exposes a pensions and tax system that is:

too slow to act,
too complex to navigate, and
too harsh on ordinary people.

The fresh wave of assessments is devastating — but it should also be a catalyst for urgent reform.
Consumers deserve a system that protects them, not one that leaves them to fight alone for more than a decade.

At IFC, we will continue to push for the policy changes that should have been made years ago .

A Tribute to Baroness Helen Newlove

Mon, 24 Nov 2025 15:54:03 GMT

By Carly Barnes-Short, Chair of the Advisory Committee, on behalf of the Investment Fraud Committee

We are deeply saddened to learn of the passing of Baroness Helen Newlove, the Victims’ Commissioner, a woman whose courage, compassion, and relentless dedication transformed the lives of victims across the country. Her voice, her presence, and her leadership will be profoundly missed.

I had the privilege of welcoming Baroness Newlove as the keynote speaker at the Investment Fraud Committee’s September 2025 Summit. What she delivered that day was more than a speech — it was a moment of clarity, strength, and solidarity for victims who had long felt unheard.

She spoke powerfully about the injustice facing countless fraud victims: individuals who had already suffered devastating financial loss, being pursued for tax liabilities in unjust circumstances. In that room were the V11 footballers, pension-fraud victims, and families whose lives had been turned upside down. Many carried not just financial trauma, but emotional exhaustion.

Baroness Newlove saw them. She understood them. And she spoke for them — with sincerity, empathy, and conviction.

She reminded us that victims of fraud are victims of crime, not wrongdoers. That their treatment must reflect their suffering, not their circumstances. And that justice must include fairness in every part of the system, including HMRC.

Earlier this year, she wrote directly to the Chancellor of the Exchequer urging reform of HMRC’s approach to fraud victims. In her letter, she highlighted:

The devastating impact on vulnerable victims.
The need for HMRC to adopt trauma-informed communication and decision-making.
The importance of listing HMRC under the Victims’ Code so victims are recognised and protected in their dealings with the state.
The critical distinction between deliberate tax evasion and innocent victims caught in sophisticated scams.

Her full letter can be read here:
�� https://victimscommissioner.org.uk/document/letter-to-the-chancellor-of-the-exchequer-tax-claims-on-assets-lost-to-fraud-and-the-treatment-of-victims/

Her advocacy brought national attention to a long-overlooked injustice and gave so many victims the validation they deserved.

But her leadership came from a place far deeper than policy.

Baroness Newlove was herself a victim of the most unimaginable crime — the murder of her husband, Garry Newlove. From that profound tragedy, she built a life committed to justice, compassion, and service. She transformed her pain into purpose, and fought tirelessly for the rights and dignity of victims throughout the UK.

Her strength was extraordinary. Her empathy was genuine. Her courage was constant. And her impact will endure.

To her children, her family, and her dedicated team at the Victims’ Commissioner’s Office: we send our heartfelt condolences. We hope you take comfort in knowing how deeply admired she was, and how profoundly she changed the lives of victims across the UK.

Baroness Helen Newlove leaves behind a legacy of strength, compassion, and justice — a legacy the Investment Fraud Committee will carry forward in her honour.

She will never be forgotten.
— Carly Barnes-Short
Chair, Advisory Committee
Investment Fraud Committee

Breaking News: Australia’s Tax Authority Implements Vulnerability Framework — Could This Signal Hope for UK Investment & Pension Fraud Victims?

Tue, 11 Nov 2025 12:44:07 GMT

Australia’s Australian Taxation Office (ATO) implements an independent review of the tax treatment of financial abuse victims by the tax system. UK victims of investment and pension fraud, hit by unfair tax treatment, may have a roadmap for reform.

In Australia, a major reform has been triggered by the independent review of how the tax system handled victims of financial abuse — and the result is the implementation of the ATO’s new Vulnerability Framework. For UK savers and pension-holders who have suffered investment fraud and now face punitive tax bills, this development may represent both a warning and an opportunity. At the heart of the issue: victims of fraud and financial abuse should not be punished twice.

What Australia Has Done

The Inspector‑General of Taxation and Taxation Ombudsman (IGTO) published a detailed report into “Identification and Management of Financial Abuse within the Tax System” in April 2025. The findings revealed that tax debt and enforcement practices had exacerbated the harm inflicted by coercive and financial-abusive relationships. Key problems included:

Victims often discovered tax liabilities they never knowingly incurred due to coercion or manipulation.
Limited ability of tax authorities to remove or reassign liabilities incurred by victims under duress.
Front-line staff lacked proper training or guidance to recognise cases of abuse.
Inter-agency coordination was weak, meaning victims faced multiple authorities without coherent support.

In response, the ATO accepted the major recommendations and committed to rolling out a Vulnerability Framework to better identify, support and protect people in situations of financial abuse.

Parallels with the UK: Investment & Pension Fraud Victims

Here in the UK, many victims of investment and pension scams find themselves in a comparable predicament:

They are deceived into bogus or high-risk schemes, often via persuasive third-party advisers or promoters.
They suffer substantial losses — sometimes life-changing.
On top of that, they face serious tax consequences (for example, being treated as if they received legitimate income or gains) despite being victims of fraud.
Institutional frameworks—especially tax, regulatory and enforcement systems—often treat them as standard taxpayers or sometimes tax avoiders, not victims of coercion or fraud.
Standard debt relief mechanisms such as Iva’s and debt write offs are not available to them with HMRC only offering time to pay plus full interest and penalties of bankruptcy in comparison corporates often receive sweetheart deals and ordinary tax payers often afforded Iva’s
Identify fraud is recognised and exempted more complex investment and pension fraud is not
Some of these cases have been in dispute for decades numerous victims therefore face penalties and interest charged compounded over a decade
The result: a “double hit” to their finances and wellbeing. This has led to victims finding that HMRC’s treatment of them has caused marriage breakdowns hospitalisations suicide attempts loss of homes and bankruptcy
The only support on offer is referral to the Samaritans
HMRC claims it has sympathy but has a duty to collect tax due
For many, the result is financial ruin layered on top of fraud losses.
Just as the IGTO found in Australia, victims are left navigating a system that doesn’t recognise their vulnerability or the context in which their “decisions” were made.

Why the UK Needs Its Own Vulnerability Framework — and an Independent Review

The Australian reforms show the value of taking a system-wide view of how public institutions handle victims of financial abuse. The UK urgently needs the same — specifically for investment and pension fraud victims — through:

Independent review of HMRC’s treatment of fraud victims
Mirroring Australia’s IGTO investigation, the UK should commission an independent review of how HMRC handles cases involving financial abuse and fraud.
This review should assess whether current policy unintentionally perpetuates harm and recommend reforms to tax law and administrative discretion.
A dedicated vulnerability framework for fraud victims in tax policy
HMRC should develop criteria and guidance recognising that victims of authorised investment and pension fraud are a distinct vulnerability group.
The framework should empower staff to suspend collection, review liabilities, and refer victims for specialist support.
Reform of tax rules on fraud-related losses
Victims should not face income tax or unauthorised payment charges on transactions made through deception or coercion.
Legislative reform could provide a statutory exemption or relief pathway for proven cases of fraud or financial abuse.

Joined-up policy response

As in Australia, effective support requires collaboration between tax authorities, police forces, regulators, the Government, and victim support networks.

A Step in the Right Direction — But a Note of Caution

While the ATO’s new Vulnerability Framework has been widely welcomed, advocates in Australia warn that it must go further if it is to truly make a difference.

As Financial Counselling Australia (FCA) noted in its response:

“People in hardship need more than good intentions — they need action and accountability.”

That warning should resonate strongly in the UK. Vulnerability recognition cannot be symbolic; it must lead to tangible change. For investment and pension fraud victims, that means stopping the pursuit of individuals for tax debts they did not knowingly create and ensuring that systemic safeguards are in place to prevent further harm.

A Moment for Reflection and Reform

Australia’s move represents more than administrative reform — it is a moral statement: the tax system should never deepen harm for those already deceived or abused.

For UK investment and pension fraud victims, this could be a rallying point. The UK must now ask:

“If Australia can recognise financial abuse within its tax system and act, why can’t we?”

It is time for the Government, HMRC, the Treasury, law enforcement, and the Financial Conduct Authority to work together on a vulnerability and reform framework — one that stops treating victims as offenders and recognises them for what they are: people who have already lost enough.

https://www.igt.gov.au/wp-content/uploads/2025/04/Report-into-the-identification-and-management-of-financial-abuse-within-the-tax-system.pdf

https://www.ato.gov.au/media-centre/ato-welcomes-review-on-the-management-of-financial-abuse-within-the-tax-system

https://www.financialcounsellingaustralia.org.au/financial-counselling-australia-welcomes-atos-vulnerability-framework-but-calls-for-strong-commitment-to-action/

https://www.ato.gov.au/about-ato/commitments-and-reporting/our-support-for-people-experiencing-vulnerability/our-vulnerability-framework

The Guardian Reports Widow of Norton Pension Fraud Victim Faces Losing Half of Compensation to Tax

Mon, 13 Oct 2025 08:20:52 GMT

A shocking case reveals how rigid tax rules are compounding the suffering of fraud victims — and why HMRC must be empowered to act with compassion and discretion.

The Guardian has reported that the widow of a Norton Motorcycles pension fraud victim faces losing almost half of her long-awaited compensation to taxation — because of a rule that penalises victims for delays they did not cause.

Susan Dewar’s late husband, Robert, was one of more than 200 savers who lost their pensions when funds were unlawfully invested in Norton Motorcycles businesses. More than a decade later, the Fraud Compensation Fund (FCF) finally paid out to victims.

But because the payment arrived over two years after Mr Dewar’s death, HMRC has ruled that nearly £50,000 of it is taxable — even though the delay was caused by lengthy investigations and administrative processes, not by the family.

This case highlights a fundamental unfairness: the current tax rules make no allowance for the realities of fraud compensation, leaving victims and their families penalised once again by the very systems meant to deliver justice.

The Unfairness at the Heart of the System

Under existing legislation, pension death benefits are only tax-free if paid within two years of the scheme becoming aware of the death. The rule was designed to prevent pension abuse — not to govern complex fraud compensation cases.

However, in fraud cases:

•⁠ ⁠Payments are often delayed by criminal investigations, regulatory inquiries, or administrative backlogs.

•⁠ ⁠Victims and their families have no control over when funds are released.

•⁠ ⁠The compensation schemes themselves are bound by legal processes that can take years.

Despite recognising that such delays are entirely beyond victims’ control, HMRC has confirmed that it currently has no discretion under the law to waive the resulting tax charge.

This means that, as in the Dewar case, victims can lose tens of thousands of pounds in tax simply because justice took too long. That is not fair, proportionate, or consistent with the principles of victim protection.

A Call for Common Sense and Compassion

The Investment Fraud Committee is calling for a new HMRC policy and using discretionary powers to deal fairly with fraud victims.

We are not seeking a wholesale change in the tax law, but a targeted administrative mechanism that allows HMRC to recognise exceptional cases where:

•⁠ ⁠Delays in payment result directly from official investigations, legal proceedings, or compensation fund processes;

•⁠ ⁠The recipient is demonstrably a victim of fraud, not a beneficiary of a pension planning choice.

We believe HMRC should be both empowered and directed to waive or adjust tax liabilities in such cases, ensuring that compensation is treated as restitution — not taxable income.

This would not create loopholes or exemptions for ordinary pension arrangements.

It would simply allow HMRC to act fairly and compassionately when victims of crime are caught in the crossfire of bureaucracy.

Why Reform Is Needed

•⁠ ⁠Fraud Victims Deserve Fair Treatment

The tax system should support, not penalise, those already harmed by financial crime.

•⁠ ⁠Compensation payments are not windfalls — they are partial restitution for stolen savings.

•⁠ ⁠Delays Are Beyond Victims’ Control

Fraud cases often take years to resolve. Victims cannot influence investigation timelines, FCF processes, or court proceedings. Yet they bear the tax consequences.

A Small Policy Change Would Make a Big Difference

Directing HMRC to use its discretion in these cases would require minimal legislative or administrative change but could prevent severe financial harm and injustice to innocent families.

Consistency with Broader Public Policy

Government agencies are rightly urged to take a “victim-centred” approach. The tax system should do the same.

Our message is clear:

Fraud victims should not lose part of their compensation because the system that failed to protect them took too long to respond.

A Matter of Fairness, Not Favouritism

This proposal is not about special treatment — it is about fairness.

It ensures that tax policy recognises context and compassion where injustice has already been done.

Allowing HMRC to apply discretion in exceptional fraud cases would:

•⁠ ⁠Protect victims’ rights;

•⁠ ⁠Strengthen public trust in the fairness of the system; and

•⁠ ⁠Align taxation with the broader principles of justice and victim protection that underpin public policy.

Conclusion

The Norton Motorcycles pension scandal already destroyed lives and savings. The idea that its victims — or their families — should lose half their compensation to an inflexible tax rule is deeply wrong.

The Guardian’s reporting has brought this issue to national attention. Now, it is time for government to act.

The Investment Fraud Committee is urging HM Treasury and HMRC to implement a new, compassionate policy that allows discretion where delays in compensation arise from official investigations or administrative processes and treats all fraud victims fairly and proportionately.

Fraud victims should not pay twice — once to the fraudsters, and again to the taxman.

Further Reading

“Norton Motorcycles pension scandal: victim’s widow to lose almost half of payout to tax rule” — The Guardian, 11 October 2025

https://www.theguardian.com/politics/2025/oct/11/norton-motorcycles-pension-scandal-victims-widow-to-lose-almost-half-of-payout-tax-rule

£48,000 Lost Every Day to Pension Fraud: A Call to Action

Thu, 11 Sep 2025 10:19:33 GMT

New data released by Action Fraud, in partnership with the Pension Scams Action Group (PSAG), reveals an alarming rise in pension fraud across the UK. In 2024 alone, £17,567,249 was reported lost to pension-related scams — that’s an average of £48,129 per day, with each victim losing around £33,848. These are not just numbers. They represent the hard-earned savings of people approaching or entering retirement — and the consequences are deeply personal.

How Pension Fraud is Being Carried Out

Fraudsters are becoming more organised, targeted, and convincing. Two core methods stand out in current scams:

1. Investment Fraud Pressure Tactics

Scammers pressure individuals into transferring or investing their pension pots quickly.

Common signs include:

- Promises of high or guaranteed returns

- Claims of limited-time opportunities

- Urgency to act “before it's too late”

- Dismissal of risk or complexity

These schemes are designed to disarm savers, override critical thinking, and push through illegitimate transfers before they can be questioned.

2. Account Takeovers Through Impersonation

In more technical scams, fraudsters impersonate savers and gain control over their pension accounts. Tactics often include:

- Collecting personal details via phishing, cold calls, or data breaches

- Posing as legitimate pension providers or advisers

- Redirecting or withdrawing pension funds once access is secured

These crimes are not only financially devastating — they’re also emotionally distressing and difficult to recover from.

Why This Matters

Pension fraud is more than a financial issue — it is a national security and well-being concern.

Financial and emotional harm

These crimes affect victims' long-term financial security and mental health, leading to stress, anxiety, and even breakdowns in later life planning.

The scale of the problem

Over 500 reports were filed in 2024, with nearly £18 million in confirmed losses. Fraudsters are increasingly sophisticated and persistent.

Vulnerability of targets

Many victims are older, nearing retirement, or managing lump sums for the first time. This makes them prime targets — especially if they lack digital literacy or experience with investment products.

What Individuals Can Do to Protect Themselves

PSAG and Action Fraud recommend the following steps for anyone managing their pension savings:

Secure your pension account

Use strong, unique passwords and enable two-step verification (2SV) on your online accounts.

Be wary of unsolicited contact

If someone contacts you unexpectedly about your pension — especially offering a “review” or “investment opportunity” — hang up and report it.

Spot pressure tactics

High returns, urgent decisions, or limited-time deals are all red flags. Reputable advisers never rush you.

Stop. Think. Check.

Before making any changes to your pension, take the time to:

Consult someone you trust
Verify financial advisers via the FCA Register
Get second opinions from regulated professionals

The Role of the Investment Fraud Committee

These figures underscore the critical role of the Investment Fraud Committee in tackling this growing crisis. Our priorities include:

Raising public awareness through targeted campaigns.
Strengthening security standards
Enhancing regulation
Supporting victims
Pushing for enforcement against scammers through coordination with law enforcement and financial regulators
Campaigning for HMRC Policy change and fair and affordable solutions for scam victims.

Final Thoughts

Pension fraud is not a marginal issue — it’s costing ordinary savers nearly £50,000 a day, and affecting hundreds of people each year. Without urgent, coordinated action, that number will only rise.

Let’s use this data as a turning point. Together, the Investment Fraud Committee, financial services sector, law enforcement, and the public can reduce these losses — and safeguard the futures people have worked a lifetime to build.

UK Must Treat Fraud, Economic, and Cyber Crime with the Same Urgency as Street Crime

Thu, 11 Sep 2025 09:36:38 GMT

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Compassion in Action: The Women Fighting for Fraud and Financial Abuse Victims

Fri, 08 Aug 2025 13:38:32 GMT

By Sue Flood

When you are fighting injustice and taking on a government agency like HMRC, compassion can be hard to find.

For victims of financial abuse, pension scams, and investment fraud, compassion isn’t just a nice-to-have — it’s a lifeline. And I know this because I’ve lived it. I’m one of them.

Over the last several years, I’ve had the privilege — and the heartbreak — of walking alongside hundreds of victims who’ve been financially and emotionally devastated by fraud and scams. Together with two incredible women, Carly Barnes-Short and Margaret Snowdon OBE, I’ve fought to make sure these victims are seen, heard, and treated with fairness and dignity.

Our campaign is not just about fixing systems. It’s about giving people hope when everything else is being taken from them.

Victims from Every Walk of Life

This isn’t just a story about pensions or investment schemes — it’s about people. Nurses, firemen, athletes, single mums, retired professionals. People from every walk of life who’ve fallen prey to sophisticated scams or been left high and dry by broken systems.

What they share is trauma, confusion, and often shame — and far too many are suffering in silence. One of the hardest truths is that this could happen to anyone. I know that, because it happened to me.

When victims come to us, they're often at breaking point — emotionally, financially, and sometimes even physically. I’ve personally taken calls from people on the brink of suicide because of HMRC. Carly has too. And I can honestly say that those late-night calls, those heartbreaking conversations, are what fuel this campaign more than anything else.

Carly Barnes-Short: The Strategic Heartbeat

It’s a privilege to work alongside Carly. As co-chair of the Investment Fraud Special Advisory Committee, she is the strategic powerhouse behind so much of what we’ve achieved — and one of the most compassionate people I’ve ever met.

She was already campaigning tirelessly for victims in the world of sport when she learned about what was happening in the pensions space. Without hesitation, she stepped up to help us too — and has never looked back.

Carly is the reason we’ve secured key meetings in Westminster and was the driving force behind the Investment Fraud APPG inquiry. She drafts legislation, leads events, builds relationships, and keeps the pressure on — all while juggling her legal career and family life. She's brought serious figures into the campaign like Lord Mann and Simon Myerson KC. Our MPs respect her. They listen to her. And most importantly, they act because of her.

She leads much of the dialogue with government ministers and policymakers, always with empathy and professionalism, and sees every victim as a person first — not a case, not a number, but a human being in need of support and help.

She stays up late and works on this with me every day. When things get overwhelming or we hit another wall, Carly finds another way forward. She never stops.

Her work often goes unseen, but I see it — and I am endlessly grateful. Carly gives me the strength to keep going, especially on the hardest days.

Margaret Snowdon OBE: The Voice of Integrity

Margaret brings a level of experience and wisdom that gives our campaign real weight and credibility. She commands respect in every room she enters — not through volume, but through quiet authority and integrity.

Margaret has been a consistent and principled voice for pension victims for many years, calling out institutional failure and championing fair treatment long before it was fashionable to do so.

Her calm approach is a vital counterbalance to the raw emotion this work often brings. She reminds us that we can change the law — because she’s made it happen before.

Margaret doesn’t need to shout to be heard. Her presence says everything.

My Own Journey: From Victim to Campaigner

I never set out to lead a campaign with Carly and Margaret. Like many others, I found myself here because I had no choice. As a fraud survivor, I’ve felt the devastation firsthand. And I couldn’t walk away knowing others were going through the same — or worse — with no one to turn to.

With the help of my daughters, close friends, and an incredible group of volunteers, we’ve built a grassroots engine that powers media outreach, peer support, and public pressure. We’ve faced online abuse, institutional resistance, and days where the emotional toll is crushing.

But we carry on — not for ourselves, but for the people counting on us.

Behind the Scenes

While much of our campaign plays out in public — in Parliament, the media, or out on the streets — so much of the real work happens behind the scenes. And I want to pay tribute to the people who help me and Carly keep this engine running day in and day out: my daughters, their close friends, and the brilliant Barry Lee Parker of Piston Design.

This campaign simply wouldn’t function without them.

My daughters and a small circle of trusted friends have worked tirelessly on everything from managing our social media, building content, updating the website, and keeping us organised. They’ve done this around full-time jobs, families, and their own lives — often late into the night.

Together, this team has helped us not only build our online presence, but also organise vital moments like the parliamentary summit — which was a major milestone for our movement. They juggle logistics, liaise with media, and make sure that the front-line work Carly, Margaret, and I are doing can actually happen.

Grassroots campaigns like ours are built on heart, hard work, and human connection. Thank you, from the bottom of my heart.

What We've Achieved So Far

Together, we have:

Launched a parliamentary inquiry into investment fraud and unfair tax treatment
Built a cross-party alliance of MPs, legal experts, and financial leaders
Supported hundreds of victims with pro bono advice, peer support, and advocacy
Organised the “Enough is Enough” march and secured meetings with HMRC and Treasury officials
Pushed for reforms that prioritise compassion and affordability over bureaucracy

But we’re not done. Despite all our hard work and support, the government isn’t listening — and until they do, we will keep fighting. We won’t stop until the Government, Treasury, and HMRC finally wake up to the reality of what victims are facing.
Lives are on the line — and they need to start listening. I will keep fighting until they do.

To Our Supporters: Thank You

This campaign is nothing without the hundreds of people who’ve stood beside us — from MPs and journalists to volunteers and fellow victims. You’ve shown that compassion is contagious, and that together, we are stronger.

Final Thoughts: Why We Keep Going

People often ask how we do it. The truth is: we don’t really have a choice. Not when we know lives are at stake.

This fight is about justice, yes — but it’s also really about compassion. Compassion for people we’ve never met, but whose stories have become part of us.

To Carly and Margaret: thank you. For all your hard work without charge, for giving us hope, and most of all your compassion. You’re helping save lives.

And to every victim out there: You are not alone. We see you. We hear you. And we won’t stop fighting for you. We are all in this together, and we have some great people behind us who really care.

Compassion is not a weakness — it’s the greatest strength of all, and it means everything to victims. We just need HMRC and the Government to start showing it to our victims now too.

HMRC Accused of Causing Undue Harm to Vulnerable Taxpayers

Fri, 08 Aug 2025 13:21:18 GMT

According to media reports, HMRC is under fire for allegedly inflicting serious harm on vulnerable taxpayers—particularly those who have experienced financial abuse.

Tax and business advisory firm Blick Rothenberg has raised urgent concerns over HMRC’s treatment of individuals caught in complex or abusive financial situations. Partner Fiona Fernie highlighted multiple cases where vulnerable taxpayers were subjected to prolonged inquiries, lack of empathy, and crushing penalties—even in situations where individuals were unaware of the income being questioned.

It was reported that in one harrowing case, a woman whose husband secretly deposited and removed funds from their joint account was pursued for failing to notify HMRC of the income—despite having no knowledge of it. The severe stress led her to attempt suicide. Yet HMRC reportedly took months to conclude the inquiry and ruled she had "no reasonable excuse," while demanding backdated interest and penalties spanning 20 years.

“HMRC must improve their understanding of financial abuse and mental health conditions,” said Fernie. “They need to act with compassion, not further punish those who are already struggling.”

Read the full article here:
Dorset Echo – HMRC accused of causing undue harm to vulnerable taxpayers

�� Why This Matters to Our Campaign

This article strongly reinforces the concerns at the heart of the Investment Fraud HMRC Campaign. Victims of investment and pension fraud are often re-traumatised by HMRC’s aggressive pursuit of tax liabilities, even when they were misled or manipulated into fraudulent schemes.

This case shows the issue extends beyond investment scams—highlighting how financial abuse, mental health conditions, and institutional misunderstanding are leading to severe emotional, financial, and even life-threatening consequences for taxpayers.

�� Our Message to the Government

The Government must act now. This is not just about isolated failures—it’s a systemic issue.

We are calling for:

A clear, compassionate policy for victims of fraud and financial abuse
HMRC to stop penalising victims and instead pursue the actual perpetrators
Full alignment with the Victims’ Code of Practice
Better staff training on financial abuse and vulnerability

If you’ve been affected by HMRC’s treatment after being defrauded, we urge you to share your experience with us as we continue to campaign for justice and reform.

Exposing the Plight of Fraud Victims Facing HMRC: A Landmark Summit for Reform

Fri, 08 Aug 2025 13:08:17 GMT

Hosted by the Investment Fraud Committee at the Palace of Westminster | 12 May 2025

On 12 May 2025, the Investment Fraud Committee hosted a pivotal Parliamentary Summit in the iconic committee rooms of the Palace of Westminster. The event brought together victims of financial fraud, experts, MPs, and advocates to shine a light on the injustice faced by those defrauded being pursued by HMRC for unjust tax and to push for long-overdue reforms. The summit was expertly chaired by Carly Barnes-Short and Andy Agathangelou, whose leadership ensured the event was both powerful and purposeful.

Thanks to Carly, Sue Flood, and their team for their tireless work in making the event a reality—and to every individual who attended, shared their stories, and bravely gave testimony.

A Day of Powerful Testimonies

The summit showcased the voices of individuals who have suffered under a broken system—ordinary people from all walks of life, from footballers and nurses to families and small business owners. United by a common cause, their voices rang out in unison, demanding HMRC reform. These were not reckless speculators—they were hardworking individuals who trusted regulated advice and government-approved investments, only to be betrayed.

Fraud in Sport

Brian Deane and Danny Murphy, both former England footballers, shared their devastating experiences with government-backed film investment schemes and the widespread issue of financial abuse in football. They explained that for professional footballers, the focus must always be on their game—their livelihood depends on it. Engaging regulated financial advisors to manage their earnings and plan for their future should have been the right course of action.

However, this trust was often exploited. Deane and Murphy pointed out that the combination of a singular focus on their careers, a limited education in financial matters, and predominantly working-class backgrounds left many players ill-equipped to notice when they were being taken advantage of. Financial advisors, who should have been safeguarding their futures, often preyed on their lack of financial knowledge.

The consequences were devastating. What should have been sensible, secure investments to ensure their futures became the very thing that jeopardised their financial wellbeing. This is not an isolated problem—it is an endemic crisis within professional football, one that remains largely unaddressed by the powers that be.

“Players need to focus on their game to make it to the top. They should be able to trust the advisors they hire to protect their earnings, but instead, many have found themselves victims of financial fraud,” Deane and Murphy stated. “It’s a silent epidemic, and it’s ruining lives—yet there’s little appetite to take real action to help those in crisis.”

Fraud in Pensions

Sue Flood, a pension scam victim, took the stage at the summit to share her deeply personal and painful experience with pension fraud. She spoke movingly about the emotional and financial toll of being targeted by HMRC despite being a victim herself. Sue’s story resonated with many in the room as she outlined the 15-year struggle that pension scam victims have endured in their desperate pursuit of fairer treatment from HMRC.

She explained how, instead of receiving compassion and understanding, victims have felt persecuted by HMRC for money they never received. Over the years, interest and penalties have been constantly applied to their stolen funds, further adding to their suffering. Sue pointed out that HMRC had been slow to calculate the true impact of these scams, dragging out the process and prolonging the misery for those already struggling.

“We’ve been caught in a system that refuses to acknowledge the truth of what has happened to us. Instead, HMRC applies penalties and interest while we fight for fairness,” Sue Flood said. “It’s like the Post Office scandal all over again—human lives are being ruined, and yet successive governments continue to turn a blind eye, taking HMRC’s word and disregarding the evidence.”

Sue’s testimony drew strong comparisons between the Post Office scandal—where innocent people were unjustly convicted—and the plight of pension fraud victims who have been caught in a similar cycle of injustice, with no accountability for the systems that have caused them harm.

In response to the urgency of the situation, Sue Flood announced that she will be leading the newly formed Pension Fraud Committee. This committee will take a deeper dive into the issues impacting pension fraud victims, ensuring that their voices are heard and that effective solutions are put forward to help them secure justice.

Pension Fraud: A 15-Year Struggle for Justice

Sue Flood, a pension scam victim and lead victim advocate, gave a heart-wrenching testimony about the devastating effects of being scammed in a pension scheme and then subjected to relentless tax demands from HMRC. Sue shared her own 15-year battle to seek justice and fair treatment, and the emotional devastation that so many victims of pension and investment fraud continue to face. Despite being a victim, Sue, like many others, was pursued by HMRC for tax liabilities on stolen funds, forcing her to live in a constant state of uncertainty and distress.

Sue highlighted the compounding trauma faced by pension fraud victims. In many cases, interest and penalties have accumulated over a decade, which only serves to deepen the sense of betrayal they feel, as well as financial ruin. This double victimisation—being defrauded, and then being relentlessly pursued by HMRC—has taken a severe toll on many victims’ mental health.

“The system has been so slow and unforgiving. Fifteen years of torment, with no recognition of the pain and suffering we’ve endured. We’ve been punished for being defrauded—punished by the system and punished by HMRC,” Sue said. “It’s like the Post Office scandal all over again. The government continues to ignore the evidence, and victims are left to fight for their lives unsupported.”

Sue’s testimony struck a powerful chord, as she reflected on the lack of compassion and understanding from HMRC, which continues to disregard the human impact of their actions. Sue was not just fighting for herself, but for hundreds of others who have been through similar emotional and financial trauma.

“These people were not trying to dodge tax—many victims have already lost everything,” Sue remarked. “The system is failing us at every turn.”

In a call to action, Sue announced that she would be leading the newly formed Pension Fraud Committee, dedicated to tackling the systemic issues that have left pension fraud victims without justice.

The Human Cost: A Silent Crisis of Despair

The summit not only highlighted the financial devastation caused by fraud but also the profound emotional and psychological toll that HMRC’s actions are having on victims. Kim Goldsmith, a nurse, fraud victim, and victim advocate, took the stage to share the devastating human cost of being pursued by HMRC after being defrauded.

Kim explained that, as a nurse, she is acutely aware of the psychological effects of prolonged trauma. She described the unrelenting stress experienced by victims as HMRC continues to pursue them for tax liabilities. For many victims, this relentless pursuit has not only exacerbated the financial ruin they’ve already suffered but has also devastated their mental health.

“We’re not just losing our money—we’re losing our lives,” Kim said. “The emotional toll of being pursued by HMRC after being defrauded is devastating. The system keeps punishing us, and people are being driven to the brink. It’s not just financial loss—it’s the loss of hope, the loss of mental well-being, and for some, the loss of life.”

Kim raised a critical point: HMRC’s desire to bring these cases now to a swift conclusion—while seemingly practical from a bureaucratic standpoint—will have catastrophic consequences for victims. Many of these individuals are being pushed into further crisis, their psychological and emotional well-being undermined by the harsh approach taken by HMRC.

In an attempt to close cases now, HMRC risks forcing victims into agreements or settlements that could leave them financially devastated for life. Kim warned that this rush to conclusion will cut short the chances for victims to receive fair treatment and will likely perpetuate the trauma they have already endured. It’s a system that is too eager to move on, without giving victims the dignity and justice they deserve and risking pushing victims into bankruptcy and suicide.

“If HMRC gets its way and rushes to close these cases, in such unfair terms, it will have catastrophic consequences,” Kim said. “For many victims, this is not just about finances—it’s about survival. HMRC’s push to conclusion is making an already impossible situation even worse. It’s as if they’re trying to sweep this under the rug, without any regard for the people whose lives are being torn apart.”

Kim’s testimony painted a picture of how HMRC’s approach—focused on strict liability collection of taxes at the expense of genuine, compassionate investigation—will worsen the crisis for many victims. It disregards the emotional cost, and fails to acknowledge the suffering and financial reality that victims continue to face every day.

She called for immediate reform of how HMRC handles fraud victims, urging them to pause and reassess their tactics. The pressure to settle quickly or accept unfavourable resolutions will worsen the psychological strain on victims, pushing some to the brink of despair.

“HMRC needs to start focusing on the human cost,” Kim said. “For many victims, the rush to conclusion in these terms could push them into even deeper financial ruin and mental health crisis. The consequences of this will be catastrophic—people’s lives are at stake.”

Kim also shared that she had written directly to the Prime Minister, expressing her severe concerns about the growing suicide risk among fraud victims and the urgent need for government intervention. In her letter, Kim outlined the devastating mental health impacts caused by HMRC’s actions and the need for compassionate reform to support fraud victims through their recovery. Despite the gravity of her concerns, she has not received a response.

“I wrote to the Prime Minister because lives are at stake, yet I haven’t had a reply,” Kim said. “The government is failing to respond to a crisis of its own making. These victims are not just numbers—they are human beings whose lives are being ruined. The government must act before it’s too late.”

Her words were a stark call to action, demanding that the government and HMRC take immediate steps to protect fraud victims. She urged HMRC to reassess its policies, halt the rush to close cases, and introduce trauma-informed practices that would prioritise victims’ mental and emotional well-being.

Kim concluded with a powerful plea:

“We cannot afford to wait any longer. Every day that goes by without government intervention, more victims are pushed to the brink. The time for action is now, before more lives are ruined. Lives are literally on line. These are human beings, with parents, children, and loved ones. The ripple effect of this crisis is enormous, tearing families apart and destroying futures. HMRC have lost their humanity in this process, and it’s time this government put victim welfare first.”

The System on Trial: Institutional Failures Exposed

In addition to victim testimonies, the summit featured expert speakers who helped expose the institutional failures perpetuating the plight of fraud victims:

Simon Myerson KC , a leading barrister, discussed the legal complexities and failures within the system that continue to allow victims to be unjustly pursued for tax on stolen funds.
Anthony Stansfeld , former Police and Crime Commissioner, condemned the lack of serious action in tackling fraud and the absence of accountability for those responsible.
Margaret Snowdon OBE spoke passionately about the impact of pension fraud, highlighting the urgent need for reform.
Professor Nigel Harper , former senior HMRC inspector, provided a critical analysis of HMRC’s handling of fraud cases, revealing a disturbing lack of empathy and understanding within the department.
MPs Caroline Nokes (Deputy Speaker), Alex Sobel , and Sarah Bool voiced their unwavering support for immediate legislative and policy changes, stressing the need for the government to act swiftly to protect victims.

What the UK Can Learn from the US: A Call for Change

Jeremy Cornford, a financial advisor, offered a stark contrast between how fraud victims are treated in the UK and the US. In the United States, victims are exempted from tax on fraudulent investments and receive tax relief, while authorities aggressively pursue the fraudsters. By contrast, in the UK, victims face relentless pursuit by HMRC for taxes on stolen funds, with little action taken against the perpetrators.

“In the US, the system is built to protect victims and punish fraudsters. Here in the UK, the opposite is true,” Cornford explained. “We must learn from this and create a fairer, more compassionate system.”

Lighting the Way Forward: A Call to Action

The summit concluded with a powerful call to action. Andy Agathangelou, founder of the Transparency Task Force, urged everyone to unite around three key principles for reform:

Recognise the injustice
Refuse to accept inaction
Relentlessly pursue systemic change

Together with Sue Flood and Carly Barnes-Short , who are launching a new charity to offer legal, financial, and emotional support for victims, the committee’s call for reform has gained new momentum.

Acknowledgements and Thanks

The Investment Fraud Committee extends our heartfelt thanks to those who made this summit a success:

Carly Barnes-Short and Andy Agathangelou , for expertly chairing and leading the event with dedication and integrity.
Sue Flood , Carly Barnes-Short , and their hardworking team for their meticulous organisation and coordination of the summit.
Simon Myerson KC , Anthony Stansfeld , Margaret Snowdon OBE , Professor Nigel Harper , Jeremy Cornford , and all our expert speakers for providing invaluable insights.
To every victim who shared their testimony, your courage and resilience inspire us all.

The Path Forward: Urgent Reform Needed

The summit has been a pivotal moment in the ongoing fight for justice for fraud victims. The Investment Fraud Committee is now calling on the new government to act immediately and implement the following recommendations:

A moratorium on tax liabilities for fraud victims
An independent inquiry into HMRC’s handling of fraud cases
Specialist fraud training for HMRC staff and the creation of a victim support unit
New legislation to ensure victims are not taxed on stolen funds
Independent victim advocacy services to support fraud victims

As Lord Mann asserted at the summit, the time for inaction is over— justice must be served, and victims must come first .

A Turning Point, Not an Endpoint

The success of this summit is just the beginning. The Investment Fraud Committee will continue its efforts to bring about lasting reforms and ensure that victims are no longer punished for the crimes committed against them.

Due to parliamentary rules, we were unable to record the speeches during the summit. However, we will be organising recorded virtual calls to capture the powerful testimonies provided, ensuring these voices are heard by all who need to listen.

Two-Tier Justice: Fraud and Financial Abuse Victims Face Crushing Tax Bills While Perpetrators Walk Free

Mon, 21 Jul 2025 12:11:25 GMT

The Investment Fraud HMRC Campaign is calling for urgent government action to end what it describes as a two-tier justice system—one in which victims of fraud and financial abuse are handed unjust, unaffordable tax bills, while the perpetrators, enablers, and facilitators walk free, often continuing to offend without consequence.

From investment scams and pension mis-selling to cases of financial coercion within abusive relationships, victims have been left devastated—facing retrospective tax demands, interest and penalties, despite having acted in good faith or under duress.

“This is institutional injustice,” said victim representative Sue Flood. “Victims are being hit with crushing demands, while those who orchestrated the frauds are rarely investigated. Worse, many continue to operate unchecked, targeting new victims.”

Systemic Harm, Ignored Victims

HMRC is pursuing vulnerable individuals for tax liabilities arising from fraud and financial abuse they didn’t understand or control.

In some cases, the stress has triggered mental health crises, suicide attempts, bankruptcy, and homelessness.

Victims include people with mental health conditions, keyworkers, and survivors of coercive financial abuse.

A recent article in the Dorset Echo exposed a case in which a woman was penalised for undeclared income her abusive husband secretly deposited and withdrew from their joint account. Despite her lack of knowledge—and her suicide attempt during the HMRC inquiry—officials ruled she had “no reasonable excuse” and enforced penalties dating back many years.

Meanwhile, Offenders Go Unpunished

At the same time:

Advisers, scheme promoters, and financial abusers often face no enforcement or regulatory action;

Many continue trading or working in financial services, with no accountability;

The system allows repeat offending while victims bear all financial and emotional consequences.

Our Demands

The Investment Fraud HMRC Campaign is urging and the Government to:

- Suspend enforcement against historic victims of financial abuse, mis-selling and fraud;
- Investigate and hold to account those who facilitated and profited from fraudulent activities and scams;
* Embed the Victims’ Code in HMRC procedures and train staff to recognise and support vulnerable taxpayers;
* Reform tax rules and guidance so victims are not unfairly penalised for actions beyond their control;
* Introduce a fairer settlement process for historic victims, based on principles of fairness, proportionality, and affordability.

“The system must recognise the lived reality of victims. No one should be financially destroyed for something they didn’t understand, didn’t cause, and couldn’t control. We are calling for fairer, affordable outcomes—before more lives are needlessly shattered.” Carly Barnes-Short, Lawyer and Investment Fraud Commitee Co-Chair.

MEDIA AVAILABILITY
Victims, cross-party MPs, and leading experts in law, policing, and tax policy are available for interviews.

To arrange interviews or request supporting case material please contact us:

United Against Fraud: Cross-Party Politicians Back the Fight Against Unjust HMRC Tax Charges

Mon, 14 Jul 2025 13:28:15 GMT

Across the UK, victims of fraud — particularly those hit with unjust HMRC tax charges — have been left without justice, support, or recognition. Many were drawn into fraudulent investment schemes or pension scams, only to face the crushing blow of subsequent tax bills. For years, this issue has remained largely under the radar.

That’s changing — thanks to courageous political leadership and growing cross-party support.

Political Champions Leading the Way

The Investment Fraud Committee are deeply grateful to the politicians who have stepped forward to support victims and call for change.

We especially want to recognise the members of the Investment Fraud Committee, whose work has been vital in turning political attention into action:

Alex Sobel MP – A consistent advocate who has shown unwavering commitment to understanding the complexities victims face, both in and out of Parliament and co-chaired the Investment Fraud APPG’s November 2023 inquiry into the issue.

Sarah Bool MP – A leading voice in support of fairness and financial accountability, championing victims in committee discussions and parliament and now co-chair of the Investment Fraud & Fairer Financial Services APPG

Lord John Mann – A long-time fighter against injustice who brings deep insight and gravitas to this campaign. Many victims were moved to tests during his powerful speech on their behalf at the recent summit held in Parliament by the Investment Fraud Committee.

These parliamentarians have gone above and beyond — giving victims a platform, challenging the unjust tax system, and helping drive the campaign forward with clarity and compassion.

Honouring Ongoing Support from Parliamentary Leaders

We are also proud to have had the early and ongoing support of two highly respected figures in Parliament:

Caroline Nokes MP, now Deputy Speaker of the House of Commons, has been a consistent ally throughout our journey. Her decision to speak at our recent Parliamentary Summit — alongside Alex Sobel MP and Sarah Bool MP — sent a powerful message of solidarity to victims and campaigners alike.

Sir Stephen Timms MP, now serving as Minister for Disabled People, has long shown a thoughtful and sincere commitment to the cause. While his current role means he cannot publicly campaign, his past advocacy continues to inspire and influence our work.

We thank them both for their integrity, compassion, and lasting support.

A Campaign with Purpose: Challenging Unjust HMRC Charges

Our current campaign is focused on a deeply unfair reality: victims of fraud being pursued by HMRC for tax on funds, in some cases,they never actually gained — in many cases, victims of scams or investment frauds now face life-altering tax demands.

This is not just a policy oversight. It’s a human injustice. And it must be fixed.

Our goals include:

Stopping the double punishment of fraud victims

Securing fair, consistent treatment from HMRC

Creating clear redress pathways and oversight mechanisms

Ensuring victims’ voices shape future policy

The Moment Is Now: We Need More MPs to Step Forward

We are seeing real momentum. But we cannot stop here.

To every MP reading this: Please

Join us. Add your voice to the growing call for justice. Whether you represent a constituent, sit on the committee, or simply believe in fairness — you are needed.

Ways you can help:

Attend one of our cross-party virtual calls

Speak out in Parliament or in local forums

Raise questions to HMRC and the Treasury

Back future legislation and policy change to protect fraud victims

Together, We Can Fix This

This campaign is not about party lines. It’s about people. About restoring dignity, trust, and fair treatment to those who’ve been let down by both criminals and the system meant to protect them.

To get involved or receive a full campaign briefing, please contact us.

Let’s show victims that Parliament is listening — and acting.

“Another Post Office Scandal?”: Parliament to Host Landmark Summit on Investment Fraud and HMRC Injustice

Wed, 07 May 2025 14:51:30 GMT

Westminster – 12 May 2025

This event marks the official launch of the Investment Fraud Committee—a new initiative sitting within the APPG on Investment Fraud and Fairer Financial Services.

At the centre of the summit is the launch of the committee’s first national initiative:

‘Fair Tax for Fraud Victims’

—a campaign calling for urgent policy change to stop the double victimisation of historic victims who were deceived by third party professional advisors, only to be penalised by HMRC with unfair tax demands, interest, and penalties.

Pension Savers and Professional Athletes in the Spotlight

The IFC will place a particular focus on two of the groups most heavily impacted: pension savers and professional athletes, who have been aggressively targeted by unscrupulous advisors and scheme promoters and are now facing devastating financial and mental health consequences. The campaign will challenge the system that has allowed perpetrators to walk free while innocent victims are left bankrupt and traumatised.

Summit Goals:

• Launch the Investment Fraud Committee and its ‘Fair Tax for Fraud Victims ’campaign

• Demand an immediate inquiry into HMRC’s treatment of fraud victims

• Challenge the false narrative that paints victims as “tax avoiders” rather than victims of fraud

• Call for a fair settlement scheme, urgent safeguards, and the creation of an appropriate tax framework

• Oppose the expansion of HMRC’s powers without new protections for victims

• Raise national awareness of the mounting toll—financial, legal, and psychological—facing victims

Confirmed Speakers Include (in alphabetical order):

• Andy Agathangelou, Founder, Transparency Task Force

• Carly Barnes-Short, Co-Chair, Investment Fraud Committee

• Sarah Bool MP, Co-Chair, Investment Fraud Committee

• Andy Cole, Former England & Manchester United Footballer

• Jeremy Cornford, Financial Advisor & Victim Advocate

• Brian Deane, Premier League Footballer & Victim Advocate

• Sue Flood and Kim Goldsmith, Victim Representatives appearing alongside numerous victims

• Professor Nigel Harper, Former HMRC Official

• Lord Mann, Former Treasury Select Committee Chair

• Simon Myerson KC, Leading Tax and Fraud Barrister

• Danny Murphy, Former England & Premier League Footballer

• Baroness Newlove, Victims ’Commissioner

• Margaret Snowdon OBE, Chair, Pension Scams Industry Group

• Anthony Stansfeld, Former Police & Crime Commissioner

• Michael Thomas, Former Professional Footballer

Many of the victims—particularly those in the pension and sports sectors—were deceived into complex investment schemes and so called pension liberation schemes by rogue advisors. Decades later, they find themselves under investigation by HMRC, facing unaffordable tax bills including disproportionate interest and penalties. As in the Post Office Horizon and Loan Charge scandals, this summit will reveal how government inertia, flawed systems, and institutional denial have created another national injustice.

Event Details:

• Title: Another Post Office Scandal? Ten Years of Injustice for Investment Fraud Victims vs HMRC

• Date: Monday, 12 May 2025

• Time: 16:00–19:00

• Location: UK Parliament – House of Commons Committee Room CR20

• Hosted by: The Investment Fraud Committee (APPG on Investment Fraud & Fairer Financial Services)

• Supported by: The Transparency Task Force

Media interviews and photography available from 18:30 onwards.

Media Contact:

Sue Flood

Victim & Media Representative The Investment Fraud Committee

sue.flood58@gmail.com

Social Media: @investfraudcom

Committee Co-Chair Carly Barnes-Short Contributes to TaxWatch Report on the Regulation of the Tax Advisory Market

Mon, 31 Mar 2025 12:48:35 GMT

Westminster, April 2025– Carly Barnes-Short, co-chair of The Investment Fraud Committee, was recently interviewed by TaxWatch for their recent report, Regulation of the Tax Advisory Market: The Effect of Non-Regulation and the Case for Change. The report highlights the serious risks posed by the minimal regulation in the UK tax advisory market, revealing how this lack of oversight can lead to significant economic harm, including investment fraud and misleading advice to taxpayers.

One of the key findings of the report is the alarming impact that unregulated or poorly regulated tax advisers can have on taxpayers. Specifically, fraudulent tax advisers have caused widespread financial damage to individuals and businesses, particularly in the realm of research and development (R&D) tax relief claims, where one-quarter of claims were found to be erroneous or fraudulent in 2020-21, costing the UK economy over £1 billion in lost tax revenue.

In her interview with TaxWatch, Carly emphasised the need for stronger regulation to protect taxpayers from investment fraud Carly said:

"Investment fraud victims often face not only the financial burden of fraudulent advice but also the emotional and psychological toll of feeling betrayed by trusted professionals. In the current tax advisory market, individuals are exposed to substantial risks when tax advisers operate outside of a regulatory framework. This creates a situation where fraudsters and can exploit a lack of oversight to mislead and defraud taxpayers, resulting in devastating financial losses. A more regulated, transparent system would better protect investors and ensure the integrity of the market."

The TaxWatch report calls for a new independent regulatory body for tax advisers in the UK, ensuring that all practitioners are properly qualified and monitored. This would address the gaps in consumer protection, prevent misleading tax claims, and reduce the significant economic harm caused by fraudulent or erroneous advice.

Carly further explained:
"Without strong oversight, we leave the door open for unethical advisers to exploit vulnerable taxpayers. A new regulatory system would help prevent such exploitation by providing clear standards for tax advisers, better protecting investors, and enhancing consumer confidence. This is not just about protecting individual taxpayers; it's about safeguarding the UK’s economy from billions of pounds in lost tax revenues."

The report highlights a tax advice market that operates like a regulatory Wild West, leaving individuals and businesses vulnerable to poor or exploitative advice.The TaxWatch report also draws on international models, including Australia’s robust regulatory approach, which combines mandatory registration, effective enforcement, and real-time data sharing, as a blueprint for potential reforms in the UK.

Based on its findings, TaxWatch recommends the creation of an independent regulatory body with appropriate statutory powers that would:

Require registration and minimum qualification standards for all tax advisers
Implement robust monitoring of compliance with professional standards
Enable effective data sharing with HMRC to identify emerging risks
Include proportionate enforcement powers
Enhance consumer protection through accessible complaints processes and improved safeguards

The report concludes that these reforms would create a regulatory environment that better protects taxpayers while supporting qualified tax advisers in their practice. Effective regulation could help reduce economic impacts on individuals and businesses resulting from poor advice, while also addressing aspects of the tax gap related to non-compliance.

TaxWatch urges the government to prioritise these reforms, noting that the billions lost to non-compliance facilitated by unregulated advisers represent a significant opportunity to strengthen public finances while protecting vulnerable taxpayers from exploitation and getting into ruinous tax debt with HMRC.

New All-Party Parliamentary Group Committee on Investment Fraud Launched to Support Victims and Drive Reform

Thu, 20 Mar 2025 09:00:02 GMT

A new All-Party Parliamentary Group (APPG) Committee on Investment Fraud has been launched this week, spearheaded by a cross-party group of MPs and led by expert victim campaigner and lawyer Carly Barnes-Short.

The rise of investment and pension fraud is rapidly becoming one of the most pressing issues facing UK investors and pension savers. Victims often find themselves fighting against powerful financial institutions and complex tax liabilities, with little recourse for justice or financial redress. This APPG Committee aims to put an end to this by amplifying the voices of victims and pushing for much-needed reforms.

Carly Barnes-Short, a leading campaigner for victims of financial fraud and an experienced lawyer, has been at the forefront of driving the initiative. Speaking on the launch, she said:

“I am very proud to be co-chairing this vital new APPG. For too long, victims of investment and pension fraud have been left in the shadows, struggling against a broken system. Our mission is to ensure these victims receive the support, recognition, and protections they deserve. We will challenge systemic failures in law enforcement, taxation, regulation, and government responses to fraud, while pushing for reforms that will better safeguard investors and pension savers.”

The APPG Committee is made up of MPs, experts, and victim advocates committed to addressing the growing threat of investment fraud. Its primary goals include:

Supporting victims of investment and pension fraud in their fight for justice.
Challenging the role of law enforcement, HMRC, and financial institutions in failing to adequately protect victims.
Advocating for stronger regulations to prevent fraudulent schemes and financial abuse.
Investigating long-standing fraud issues and heavily targeted sectors to create lasting reforms.

The group will also work closely with the wider Investment Fraud & Financial Services APPG to promote transparency and accountability in the financial services sector.

Commenting on the launch, one of the founding MPs said:

“We are witnessing an alarming increase in investment fraud cases, which devastate the lives of ordinary people. This APPG provides a platform for those affected to have their voices heard in Westminster and work towards a financial system that is both fair and secure. I’m proud to be part of a group that is focused on much needed reform.”

The new APPG Committee will be operating with a focus on creating systemic change. It will provide a vital channel for expert briefings, parliamentary seminars, and campaigns, ensuring victims’ voices are central in shaping future policy.

This important initiative is expected to drive significant reforms in the UK’s approach to financial crime and fraud, delivering justice and better support and protection for thousands of victims across the country.

Launch of the Investment Fraud Committee and Amalgamation of Two APPGs

Mon, 11 Nov 2024 12:15:14 GMT

Investment fraud continues to impact countless individuals

Westminster, November 2024 The All-Party Parliamentary Group (APPG) on Investment Fraud and Fairer Financial Services has officially launched its Investment Fraud Committee. This new committee represents a unified effort, following the successful amalgamation of the previous APPGs dedicated to Investment Fraud and Fairer Financial Services. Its mission is clear: to advocate for the rights, recovery, and justice of investment fraud victims, while building on the foundational work established by the former Investment Fraud APPG.

Investment fraud continues to impact countless individuals, often leaving victims feeling unsupported and overwhelmed. The APPG Investment Fraud Committee seeks to address these issues at a national policy level, focusing on comprehensive advocacy, resource allocation, and policy reform to better protect the public and provide adequate support for victims. The committee brings together parliamentarians, legal experts, and advocates, all united by the common goal of creating a fairer financial system.

Co-Chairs Leading the Charge

The committee is co-chaired by three influential figures: Carly Barnes-Short, Sarah Bool, and Alex Sobel. Each co-chair brings unique experience and dedication to this critical cause.

Carly Barnes-Short is a lawyer with a deep personal and professional connection to the issue of investment fraud. She has firsthand experience of the devastating effects of fraud through a family member's ordeal and has represented numerous victims over her career. Carly’s prior role as co-chair of the Investment Fraud APPG advisory board has positioned her as a trusted voice in the fight against fraud, with a commitment to ensuring that victims' stories and concerns are front and center in parliamentary discussions. Carly’s involvement in the committee underscores her dedication to fostering systemic change and amplifying victims’ voices in meaningful ways.

Sarah Bool MP joins as a co-chair, taking over from Caroline Nokes MP, who now serves as Deputy Speaker and thus cannot continue in the APPG. Sarah’s participation reinforces the committee’s commitment to advocacy for victims and reform within the financial services sector. Her legislative background and her engagement with constituents impacted by fraud make her a powerful advocate for those affected.

Alex Sobel, who previously co-chaired the former Investment Fraud APPG, also brings extensive knowledge and advocacy experience to the new committee. His commitment to tackling investment fraud was sparked by his work with a constituent who had been a victim, and since then, he has been an ardent supporter of policy reforms to protect the public from fraudsters. Alex’s perspective, shaped by his direct advocacy, is invaluable as the committee takes on ambitious projects and initiatives.

The Committee’s Goals and Objectives

The APPG Investment Fraud Committee aims to address several key areas of reform, from policy advocacy to direct support for victims. Some of the committee’s primary goals include:

1. Strengthening Fraud Prevention: The committee will work to push for more stringent regulations within the financial services sector to prevent fraud before it happens. This includes advocating for enhanced oversight of investment schemes, improved monitoring of high-risk activities, and promoting awareness campaigns to educate the public.

2. Supporting Victims in Recovery: Many victims of investment fraud struggle to regain their financial stability and feel a lack of support. The committee seeks to advocate for better support systems, including access to resources, legal assistance, and financial recovery programs.

3. Encouraging Transparency and Accountability: The committee will push for policies that demand greater transparency within the financial services industry, especially concerning high-risk investment opportunities. By holding institutions accountable, the APPG hopes to create a safer environment for investors.

4. Bringing Victims’ Voices to Parliament: Recognising that the voices of victims are often underrepresented, the committee intends to provide a platform for individuals affected by investment fraud to share their experiences. This initiative aims to foster greater understanding among lawmakers of the real-life consequences of fraud and the need for systemic change.

5. Promoting Fairer Financial Services: Beyond tackling fraud, the committee advocates for fairer practices within the financial services industry overall, ensuring that all individuals have access to secure, transparent, and supportive financial products.

A Unified Approach to Change

The launch of the APPG’s Investment Fraud Committee marks a significant milestone in the pursuit of a more secure financial landscape for everyone. By combining the expertise of parliamentarians and experienced advocates like Carly Barnes-Short, Sarah Bool, and Alex Sobel, the committee is poised to make a substantial impact. Their combined efforts aim to address not only the symptoms of investment fraud but also the systemic issues that allow it to persist.

Through ongoing collaboration and a commitment to reform, the Investment Fraud Committee will work tirelessly to create safer financial environments, support victims on their path to recovery, and advocate for long-lasting change. This new chapter promises an era of stronger protections, a louder voice for victims, and a financial system that values integrity and transparency.

December Update from our Chair to the Advisory Panel

Mon, 01 Jan 2024 10:56:50 GMT

December Update from our Chair to the Advisory Panel

As Christmas and New Year approaches, I would like to provide an end of year update upon behalf of the Investment Fraud All Party Parliamentary Group Advisory Board. It has been an honour and a privilege to co-found this APPG and to be appointed Chair of our esteemed panel of advisors.

Investment Fraud is far from victimless. It is an appalling crime that shatters lives and breaks families apart. Charging rates are shockingly low, there is very little specialist support or financial redress available to victims and many victims are struggling to deal with the financial and psychological consequences of HMRC action against them for tax liabilities emanating from crime.

Fraud is now the UK’s most prevalent crime and we need a system fully equipped to deal with it. Accordingly, we are calling on our Government and every part of the criminal justice system (including His Majesties Revenue and Customs) to come together with priority, conviction, empathy and determination to see justice done in these cases and to better support victims. Otherwise, we are simply letting fraud victims and their families as a society down.

2023 has been a pivotal year for our APPG and seen:

A New Secretariat

1. Keller Postman Solicitors taking over our secretariat;

A New Panel of Advisors

2. The formation of a new panel of expert advisors including Rick Muir, Director of the Police Foundation, Adam Richardson, Barrister of 1EB, Margaret Snowdon OBE of the Pensions Scams Industry Group, Andy Agathangelou, Co-founder of the Transparency Taskforce to our board. We also appointed campaigner Sue Flood as our victim representative. Having a strong, knowledgeable panel of expert advisors is vital to the success of our APPG;

Treasury Expertise

3. The appointment of former Treasury Minister Sir Stephen Timms (Chair of the DWP Select Committee) and Lord John Mann (Former Treasury Select Committee Chair) to our panel. We also welcomed MP Toby Perkins to our APPG. We sought senior parliamentarians with direct experience of treasury matters to help formulate workable and pragmatic recommendations for reform to present to HMRC and The Treasury.

Our First APPG Inquiry

4. We brought together experts, victims and parliamentarians to Parliament from across the political spectrum to inquire into the tax treatment of investment and pension fraud victims. The evidence provided has contributed to our first inquiry report.

Recommendations

5. We researched best practice overseas and held roundtable discussions at Parliament with lawyers, financial advisors, tax experts and investigators amongst others to formulate workable recommendations and a new framework to present to HMRC & The Treasury

Media Outreach & Engagement

6. We launched new social media channels and hit the news channels. We filmed victim evidence sessions and participated in a fly on the wall documentary.

Letters & Briefings

7. Our parliamentarians wrote many letters and also held numerous meetings with ministers to seek to highlight the plight of victims and call for reforms.

Submissions to Government Committees

8. In recent months we have submitted evidence and recommendations to the Home Affairs Committee Inquiry into Fraud and The Public Accounts Committee in response to their call for evidence. Further details will be published in due course.

We are now seeking meetings with government ministers and HMRC to present our evidence and findings and to discuss our proposals for reform. We hope that these proposals will be welcomed and provide an alternative mechanism for dealing with tax liabilities arising from fraud. I fully appreciate this is an uphill battle. But our aim is not simply to criticise. We recognise that HMRC officers have a vital job to do in raising funds for our public services and do so in difficult conditions. Our aim is to help create a more efficient and effective as well as fairer system for both HMRC, the Treasury and for victims. We hope we’ve struck an appropriate balance and that our suggested reforms are a good starting point for government ministers and policy-makers to consider.

Our calls for reform include :

- Relief for historic victims;

- An Independent Inquiry;

- Legislative & Policy Change;

- Reform at HMRC;

- Greater support for Victims.

In 2024 we have an exciting programme of work.

Firstly, our campaign for fair tax treatment for investment and pension fraud victims will continue and we will be marching to Parliament and HMRC to formally present our inquiry findings and to call publicly for reform.

I am also delighted to share that we will be partnering with the Social Market Foundation ( https://www.smf.co.uk ), Britain’s leading cross-party think-tank to conduct primary research and develop evidence based policies to present to government. Victims have reported to us that they are being denied justice and that our law enforcement agencies and regulators are failing them. Together with the SMF we will be considering access to justice and how our system compares to other jurisdictions with a particular emphasis on best practice in the US.

We will also be conducting focused inquiries and research into a number of highly targeted groups including sports professionals and music artists, pension savers and military veterans.

I would like to place on record our gratitude to all our cross-party parliamentarians for their continuous dedication to this cause and especially to Caroline Nokes MP and Alex Sobel MP. Caroline and Alex have put party politics aside to chair this APPG so diligently and have lent us the full support of their team, who have tirelessly worked behind the scenes organising correspondence, meetings and our events at Parliament. Thank you.

I would like to thank my fellow panel members who have provided such valuable pro bono expertise and support to our APPG including peer reviewing and helping to formulate our reports and recommendations. A special acknowledgement also to Sue Flood whose dedication and commitment to victims has been fearless and unwavering and to Sir Stephen Timms for his meticulous examination of our proposals and evidence.

I would finally like to thank sincerely the courageous victims who so bravely stepped forward to give evidence and also the numerous expert witnesses (tax advisors, lawyers, financial advisors and investigators amongst others) who participated in our round table discussions to debate our proposed reforms. I would also like to thank students at Oxford University’s Research Consultancy for their pro bono assistance in researching best practice overseas some time ago- which helped inform our recommendations.

I have a vested interest in this issue. I’ve lived through these systemic issues myself. My motivation however, in helping to co-found this APPG is to help safeguard future victims and their families and to support those families currently in crisis and struggling to deal with the aftermath of fraud. The scale of the change needed is significant. It will rely on long-term political will, strong leadership and appropriate scrutiny of our current practices and systems. We know only too well that lives depend on it.

Whilst we made good progress in 2023, it is not the end and we are exploring every avenue to tackle these issues and ensure that our system prevents and punishes this shattering crime, and that investment and pension fraud victims are treated fairly and appropriately and get the support and justice they deserve.

On behalf of everyone at the Investment Fraud APPG I want to end by wishing all our APPG supporters a happy, healthy and peaceful Christmas & New Year. Only together can we succeed and we have much to be proud of. Thank you for your support in 2023.

Carly Barnes-Short

Click here to view the APPG on Investment Fraud’s First Inquiry Report.

Press Release - HMRC targeting of victims

Wed, 15 Nov 2023 11:45:54 GMT

HMRC targeting of victims not fraudsters must end.

***Press release under embargo until 16 November, 2023***

HMRC targeting of victims not fraudsters must end

The Investment Fraud All Parliamentary Group delivers damning evidence of the activities of HMRC

**Westminster – November 16, 2023** - Evidence unearthed by the APPG shows that HMRC is levying tax charges against investment and pension fraud victims - rather than the perpetrators of the crimes. The inquiry by an influential cross-party panel of MPs and peers has found this is leading to devastating welfare and financial issues amongst victims.

The APPG are particularly concerned by reports presented to them by clinical psychologists and heard directly from victims that HMRC are causing an acute risk of suicide, hospitalisations, loss of homes, marital breakdowns bankruptcies amongst victims already struggling to deal with life changing financial losses due to fraud.

The details are being revealed today at Parliament (Thursday 16 November) in the first inquiry report from the Investment Fraud All Party Parliamentary Group. The inquiry was set up in June 2023 to hear from victims and expert witnesses and to consider what steps should be taken to improve victim outcomes and reform the current system.

Leading lawyers and experienced investigators gave evidence to the inquiry and described the suspected frauds involved as complex, often committed by regulated advisors or professional advisors, often involving false or misleading advice and/or part of a broader suspected conspiracy to defraud. They described how this issue has had a particularly stark impact on pension savers and groups that are highly targeted by fraudsters such as sports professionals and military veterans.

Barrister Adam Richardson of 1EC Chambers commented, “These are historic suspected crimes that took place often over 10 years ago with HMRC taking action decades later against victims whilst ignoring the actual criminality and offences that have taken place. They are chasing low-hanging fruit, innocent victims of crime, whilst completely ignoring the criminals and scammers who are breaking the law. It’s draconian, completely unjust and allowing fraudsters to run riot with impunity.”

HMRC reportedly has no policy in place for dealing with victims of pension and investment fraud which tax advisors reported to the Inquiry means HMRC are operating in an inconsistent manner without accountability and without a clear route available to victims to challenge liabilities.

Expert witnesses also raised concerns that HMRC are not a signatory to the Victims Code of Practice. The inquiry also considered evidence from clinical psychologists and counsellors treating victims who reported that victims were experiencing “secondary victimisation” directly by HMRC actions themself including significant emotional and physical harm. They highlighted an acute risk to life if HMRC continues with its current strategy.

Numerous victims themselves also gave evidence of being driven to attempt suicide in addition to revealing how they had been hospitalised and suffered nervous breakdowns because of this issue.

Commenting on the report, Rick Muir, Director of the Police Foundation, an independent think tank for policing in the UK said: “This report should be taken very seriously by the government and immediate action must be taken. Investment scams can have terrible human consequences. Tackling these threats is being insufficiently prioritised within both policing and HMRC and much more needs to be done to support victims. The scandal of ‘double victimisation’ needs to end: HMRC should not be pursuing fraud victims for tax liabilities incurred as a result of the fraud.’

Caroline Nokes, MP for Southampton North and Romsey and Co-Chair of the APPG on Investment Fraud, commented: “The report makes for sober reading. Our APPG Inquiry has heard reports of a myriad of ways in which investment and pension fraud victims are being comprehensively failed in the UK right now. There appears to be no justice at all for these victims. HMRC are contributing to poor mental and physical health outcomes for victims, with barely existent policies or safeguarding. The accounts of witnesses were heart-breaking and painted a picture of misery and a total disregard for victim welfare. HMRC’s focus should be on stopping these frauds at source and holding the perpetrators responsible – not persecuting victims.”

APPG Co-Chair Alex Sobel, MP for Leeds North West added: “ The Government must now listen and put a stop to this practice and ensure a better system of protection and support for investment and fraud victims. What we have right now is a system causing great harm to victims and compounding their trauma creating a double victimisation as they are subjected to re-traumatisation and further losses by HM Revenue & Customs. That must stop. A clear, transparent policy and new codes of practice are urgently required at HMRC to ensure victims are treated appropriately. The APPG will not rest until tangible improvements are delivered”

The APPG is calling for an immediate suspension of charges against victims, an independent government review and reform at HMRC.

Sir Stephen Timms, former Treasury Minister and the current Chair of the Work and Pensions Select Committee sat on the Inquiry panel and stated: “Treasury and HMRC have important and difficult jobs to do. Its vital for all of us that they raise the revenues due, but there must be appropriate checks and safeguards, as HMRC recognises in its Charter Responsibilities. The system does not appear at present to be operating fairly towards victims of crime. Careful steps to safeguard victims have been taken in other countries, but not in the UK. With clear evidence of direct harm being caused to victims, there is a compelling case for a thorough, independent review. This inquiry supports the conclusion of the Work and Pensions Committee in its March 2021 report that HMRC must do more to support scam victims left owing large tax bills.”

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Notes :

1. For media enquiries, please contact the APPG secretariat on secretariat@investmentfraudappg.co.uk

2. Victim representatives Danny Murphy (Match of the Day Presenter representing sports professionals impacted by this issue) and Sue Flood (APPG Victim Representative and pension fraud victim representing pension victims) have kindly offered to be interviewed. Sue can also organise interviews with other victims. Please contact Sue Flood on hello@investmentfraudappg.co.uk if this is of interest. Panel members and parliamentarians are also available to be interviewed on the subject.

3. The All-Party Parliamentary Group (APPG) on Investment Fraud comprises cross-party parliamentarians and peers who share concerns about the current treatment of investment fraud victims in the UK. MPs and members of the House of Lords from all parties supporting this APPG include: Caroline Nokes (Chair), MP for Romsey & Southampton North, Conservative Party Alex Sobel (Chair), MP for Leeds North West, Labour Party Barbara Keeley, MP for Worsley & Eccles South, Labour Party Alison McGovern, MP for Wirral South, Labour Party Toby Perkins, MP for Chesterfield, Labour Party Sir Stephen Timms, MP for East Ham, Labour Party Lord Mann of Holbeck Moor Keller Postman UK Ltd (Solicitors) currently act as the secretariat to the APPG. More information about the group, including its full membership list, is available at https:// www.investmentfraudappg.co.uk

4. The current APPG Advisory Panel comprise: Carly Barnes (Chair)- Phoenix Sport and Media Group Adam Richardson - Barrister, 1 Essex Court Sue Flood - Victim Representative. Andy Agathangelou - Transparency Taskforce Margaret Snowdon OBE- The Pensions Scams Industry Group Rick Muir - The Police Foundation APPG Supporters include : The Police Foundation Tiger Law 1 Essex Court The Pensions Scams Industry Group The Transparency Taskforce St Paul’s Chambers POC Management.

6. Since the formation of the APPG, the APPG has held regular meetings at which we have had the benefit of hearing from and questioning a wide range of investment and pension fraud experts. These have included leading lawyers, former detectives and tax officials, academics, researchers and policy advisers, professional and specialist bodies as well as tax and financial advisors, clinical psychologists, counsellors and police and tax officers.

7. More information about the inquiry, is available at https://www.investmentfraudappg.co.uk/ inquiry The Conclusions drawn from evidence presented include :

• There is very little to no support for victims following investment fraud.

• Victims are struggling to navigate through a disjointed and complex system in the aftermath of fraud.

• Tax liabilities are blighting victims and are causing severe financial issues and acute mental and physical health issues and family breakdowns.

• Victims are feeling no sense of justice at all - especially from HMRC and feel they are being failed by poor investigation and prosecution rates.

• Investigators claim weak regulation and complex government backed incentive schemes have being exploited by fraudsters.

• There appears to be a significant lack of knowledge of specialist fraud knowledge within the Treasury & HMRC and victims are reporting that HMRC exhibit in practice very little empathy for victims.

• The government’s new fraud strategy launched in May this year (2023), a new Fraud Strategy : Stopping Scams and Protecting the Public, whilst welcomed, does not deal with serious complex investment and pension frauds nor tax liability issues.

9. Key Inquiry recommendations include:

- A moratorium and amnesty for historic victims to avoid foreseeable and preventable loss of life and further harm to victims;

- An independent government inquiry into this issue;

- Reform at HMRC to include prioritisation adjustment, widespread training, new guidance and the introduction of a specific unit and panel within HMRC to deal with investment and pension fraud cases;

- The introduction of new legislation to regulate HMRC’s treatment and taxation of victims;

- The introduction of a new victim welfare advocacy service.

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﻿

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