According to a recent publication by PwC (PricewaterhouseCoopers), we may see an increase in fraud as a result of the proposed cuts in public sector spending. Employees facing the threat of redundancy and suppliers who risk losing their contracts are more likely to have the incentive to engage in fraudulent activity to maximise whatever benefit they can derive from their current positions. This combined with a lack of resources to devote to effective fraud risk assessment could lead to a significant threat to public sector organisations at both an internal and external level.
PwC's findings mirror our own experience of acting for clients in the private sector in the current economic conditions. Businesses are more likely to find themselves victims of fraud, particularly those lacking a proactive approach to risk management that this climate demands. In addition to employees' fear of losing their jobs, those in senior management are under increased pressure (as a result of underperformance and/or a failure to meet targets) which leads to greater temptation to misrepresent figures, misappropriate funds and/or accept secret bribes and commissions.
If you suspect that you may be a victim of a fraud (at an internal or external level) or face allegations of involvement in fraudulent activity, Healys LLP has the necessary expertise to assist you. Our Dispute Resolution team has experience in representing companies, partnerships and individuals from the UK and overseas (both Claimants and Defendants) in relation to a wide range of civil fraud matters to include complex and high profile litigation and applications for injunctive relief. Should you require any assistance in this regard, please contact Robert Johnson by telephone (020 7822 4106) or email (robert.johnson@healys.com) or Carolyn Wilson by telephone (020 7822 4107) or email (carolyn.wilson@healys.com).
