The FSA has joined CIFAS, the UK’s Fraud Prevention Service.

The regulator will supply CIFSA with information if false or inaccurate information has been generated by FSA-regulated entities.

Also, where regulation demands FSA approval of an individual, the FSA double-check whether that person has previously been involved in fraud by searching for them on the CIFAS National Fraud Database.

The Legal Services Commission was the first public-sector body to agree to sharing information on confirmed frauds with the private sector through CIFAS last year.

Peter Hurst, CIFAS chief executive, said: “We look forward to working with the FSA