Our research

The work is being delivered in partnership with the cross-party All-Party Parliamentary Group (APPG) on Investment Fraud, whose members will oversee the recommendations, support parliamentary engagement, and ensure the findings are formally presented to government ministers, departments and key decision-makers.

Key Areas of Research:

- Tax treatment of fraud victims

- Effectiveness of investigations and prosecutions in investment and pension fraud

- These will be complemented by two sector-specific focus papers:

- Financial abuse and tax exploitation of professional footballers

- Pension liberation fraud and its impact on savers.

- Who Is Leading the Work?

The studies are being led by the Investment Fraud Special Advisory Committee, in close collaboration with the APPG on Investment Fraud & Fairer Financial Services, whose cross-party MPs and peers will ensure high-level engagement with Parliament and government throughout the process.

The research team includes:

- Carly Barnes-Short – Lawyer and co-lead researcher
- Simon Myerson KC – Senior barrister and fraud & tax expert
- Anthony Stansfeld – Former Police and Crime Commissioner
- Margaret Snowdon OBE – Pensions expert and anti-scam advocate
- Professor Nigel Harper – Former senior HMRC official and banking expert.
- Ben Rees – Dual-qualified financial advisor and lawyer
- Adam Richardson – Barrister specialising in financial regulation

The study into investigations and prosecutions is supported by the Social Market Foundation (SMF) and leading law firm Mishcon de Reya. 

Victims from the football and pension sectors will be extensively consulted through surveys, interviews, and focus groups.

Timetable of Reports

All reports will be completed before Christmas and released in the following order:

• Financial Abuse and Tax Exploitation of Professional Footballers
• Tax Treatment of Victims of Investment and Pension Fraud
• ⁠Law Enforcement and Investigations into Investment Fraud
• Pension Liberation Fraud and the Impact on Pension Savers [had a bullet point]
  
  Each paper builds on the findings of the last, forming a unified and evidence-led case for reform.
  
  A National System Failing Its Victims
  
  Investment and pension fraud—often committed by regulated or professional advisers—is a deeply under-addressed crisis. Victims face inconsistent enforcement, poor redress, and unjust tax burdens. The current system lacks cohesion, urgency, and victim-focused accountability.
  
  From Parliamentary Summit to Policy Reform
  
  These studies follow on directly from the Parliamentary Summit on Investment Fraud, hosted by the Committee, where victims and experts exposed systemic failings across tax, law enforcement, and regulation.
  
  The Committee will work to ensure that the research now delivers real change.
  
  Carly Barnes-Short, co-lead researcher, said:
  
  “The voices we heard at the summit were clear—there are deep structural failures. These papers will translate that testimony into solutions that can be implemented quickly and meaningfully.”
  
  Simon Myerson KC added:
  
  “This isn’t about theory—it’s about fixing a system that is failing victims. Our recommendations will be specific, targeted, and ready for adoption by government and key institutions.”
  
  Baroness Newlove, Victims’ Commissioner, said:
  
  “Bringing together diverse expertise and lived experience gives these reports strength. If government listens, we have a real opportunity to improve victim outcomes and prevent further loss.”
  
  Andy Agathangelou, Chair of the Transparency Task Force and APPG Secretariat, commented:
  
  “Cross-party support for this work is strong. The APPG will help ensure these findings reach the desks of those with the power to act—and that victims are no longer left behind.”
  
  Turning Testimony Into Government Action
  
  These are more than reports. They are the next step in a national effort to reform how we prevent, respond to, and support victims of financial crime.
  
  With the support and oversight of the cross-party APPG on Investment Fraud, these studies will be formally submitted to ministers, HMRC, Treasury, regulators, and other key government bodies, ensuring that victims’ voices are heard at the highest levels.
  
  In a time of increasing fraud and public resource constraints, the need for coordinated, expert-driven, and victim-focused reform has never been greater.
  
  Now is the time to act—and the Investment Fraud Committee is committed to making sure the government does.