Call for 'catch-all' fraud database to give investors cash confidence

Its head of policy and standards, Kathleen Harris, said the current register run by the Financial Services Authority (FSA) failed to give the full picture of financial crime.

A database containing details of all those who were convicted, disciplined, banned or struck off by all agencies would act as a deterrent to fraudsters, she said.

The FSA-run register lists supervisory, disciplinary and civil action it has taken against regulated firms and individuals, but does not include criminal action or information taken by other enforcement agencies.

Ms Harris said: "The FSA-run register of its disciplinary actions does not cover the fuller picture of financial crime.

"That's why the UK needs a new centralised fraud database, a comprehensive 'one-stop shop' for investors to check before they part with their money."

Fraud cost the UK 30bn in 2008 alone, according to an estimate by the National Fraud Authority.

Authority chief executive Dr Bernard Herdan said it was "fully supportive" of current systems enabling the financial industry to check for fraudulent activity, but it would advocate this system being extended.