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Fraud Prevention Services

With the new ‘Failure to Prevent Fraud’ offence there is no time better than to look at your firm’s fraud prevention management.

The new offence, introduced under the Economic Crime and Corporate Transparency Act 2023, applies to law firms (and other organisations) where an associated person, which could be an employee, agent, or even a contractor, commits a fraud offence intending to benefit the firm or its clients. If your firm can’t demonstrate it had reasonable prevention procedures in place, you could be criminally liable, even if senior leadership wasn’t aware of the fraud.

Let that sink in: you don’t need to know about the fraud to be held responsible.

Why this matters for lawyers, COFAs and COLPs

Legal professionals are often seen as gatekeepers of the financial system, and rightly so. But that comes with serious responsibilities. Fraud doesn’t just damage your client relationships and reputation; it opens the door to regulatory fines, criminal charges, and loss of trust in your firm’s competence.

Compliance officers (COLPs and COFAs), in particular, should be asking:

Do we understand what reasonable fraud prevention procedures actually look like?
Could everyone in our firm spot red flags of fraud?
Have we documented what to do if fraud is suspected or detected?

What can you do now?

This is where proactive compliance beats reactive panic. At Teal Compliance, we’ve launched a dedicated Fraud Prevention and Management Service, led by our fraud expert Mark Heffer. We don’t just hand over a template and wish you luck, we train your teams, help you map risk areas, and guide you through building robust fraud response frameworks.

Our service covers:

Interactive, role-specific training for all staff
Review of your current fraud policies and risk exposure
Creation of tailored fraud prevention procedures
Practical advice on reporting, escalation, and investigation protocols

This isn’t box-ticking. It’s about giving your people the tools and confidence to act when it counts.

How we can help

Fraud Protection Training

We have a range of in person and online fraud prevention training events that suit your firm’s size and culture.

Please have a look further into each training course below to find the one that works best for your firm:

Find out more about our fraud prevention training courses.

Fraud Audit

Our fraud audit is essential to ensure your firm is protected. Teal has unique access to cross-sector fraud intelligence, data and case studies meaning our learning is always ahead of the times and relevant to your profession.

Find out more about our three-stage fraud audit delivered by our experts.

Fraud Policy Review

Our fraud policy review and drafting service provides you with a full review and re-draft of your firm’s Fraud policy and firm-wide risk assessment to ensure that they meet the requirements in the legislation and reflect good practice.   

Find out more about this service delivered by our experts.

Get in touch about our Fraud Prevention Services

To speak to one of our experts about our fraud prevention services, contact us today.

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