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Launch of the Investment Fraud Committee and Amalgamation of Two APPGs
11 November 2024

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.

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

31 March 2025
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

20 March 2025
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.
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