On 28 April 2022, the House of Commons’ Treasury Committee published the responses from the Government, FCA and Payment Systems Regulator to its report on Economic Crime.

In its report the Treasury Committee urged the Government to legislate against online fraudulent adverts and seriously consider whether online giants should reimburse those who fall victim to scams on their platforms. It also called for the Government to consider whether a single law enforcement agency with a clear responsibility to fight economic crime would be more effective, and for higher company formation fees and Companies House reform to prevent fraudsters from hiding their identities behind UK businesses.

In response, the Government outlines that they are in the process of creating a second Economic Crime Plan, to be published later this year, and appears open to Companies House reform, including the raising of company formation fees.