'Financial misconduct is a silent epidemic'

Organised by the Transparency Task Force, the ‘Enough is Enough March for Justice’ march today (April 17), which started at the Royal Courts of Justice, aims to unite all victims of financial misconduct.

The ‘Enough is Enough’ campaign is calling for a statutory public inquiry into financial misconduct in the UK, alongside fair tax treatment for victims. 

Victims in attendance included those of the Woodford scandal, various pension scams, investment fraud and banking misconduct. 

Speaking at the press briefing, Andy Agathangelou, founder of the Transparency Task Force, said: “Enough is enough. There are so many people in our country whose lives have quite simply been wrecked as a direct consequence of one kind of financial misconduct, scam scandal or fraud.

“Fraud accounts for about 40 per cent of all reportable crime in the UK while just 2 per cent of police resources are allocated to it. So isn't it obvious, ladies and gentlemen, that this is an issue that our country is not yet taking seriously enough?”

Agathangelou said he was pleading with the authorities to listen because there were many people he knew who were “on the brink” as a result of what they had endured. 

It is not just the person who is scammed that is affected, it causes broken relationships, mental breakdowns, lost homes, bankruptcies, job lossesJeremy Cornfield, a financial adviser

Jeremy Cornford, a financial adviser speaking on the panel, said it was “utterly shameful” to hear about regulated financial advisers being the perpetrators of financial scams and misconduct. 

He said: “As an adviser, I joined the profession with the sincere intention of helping people and to help them navigate their lives with integrity and honesty. 

“So when you see others in the profession doing the complete opposite and exploiting their clients for their own selfish gains it is shameful and it is a betrayal.” 

Cornford said he had heard many “harrowing” stories of people being scammed from all walks of life and warned it needed to stop now.

“It is not just the person who is scammed that is affected, it causes broken relationships, mental breakdowns, lost homes, bankruptcies, job losses and ultimately giving victims a feeling of complete hopelessness and it's all because they were mis-sold or scammed out of their own money. It’s beyond belief,” he added.

In attendance were many ex-professional Premier League footballers including Manchester United player Andy Cole, who had been victims themselves. 

Craig Short, ex-footballer and now coach, said he has been campaigning to help players who have suffered from fraud, mis-selling and financial misconduct as well as to protect the next generation.

Short said even now he sees perpetrators hovering around his club “like vultures” looking for their next victims.

“Today is about highlighting a silent epidemic that is affecting people from all walks of life, that sometimes have tragic consequences.

"Financial misconduct is a huge problem for people all over the UK. We are all proud and honoured to be able to stand shoulder to shoulder with all these victims to march in the campaign for reform,” he added. 

alina.khan@ft.com