Fraud Prevention Policy

Purpose

This policy sets out how Towerblock Radio CIC prevents, detects and responds to fraud, theft and financial misconduct.

Scope

This policy applies to all directors, staff, volunteers, contractors and anyone handling money or financial data on behalf of Towerblock Radio CIC.

Definitions

• Fraud means deliberate dishonesty that results in financial or other advantage, including theft, false accounting, deception and corruption.
• Theft means the dishonest taking of property belonging to Towerblock Radio CIC.

Responsibilities

The board ensures effective fraud prevention controls. The Finance Lead monitors financial activity. All staff and volunteers report suspected fraud.

Policy Statement

Towerblock Radio CIC has a zero-tolerance approach to fraud, theft and financial misconduct. The organisation maintains strong financial controls, promotes a culture of honesty, and takes decisive action when fraud is suspected.

Detailed Procedures

Prevention

• Segregation of duties: no single person controls a financial transaction end-to-end.
• Dual authorisation for bank payments.
• Regular bank reconciliation by a person not involved in payments.
• Annual independent review or audit.
• Clear financial delegation limits.
• Secure storage of cash and financial records.
• IT security controls.

Detection

• Monthly review of bank statements and financial reports.
• Review of expense claims against the Expenses Policy.
• Monitoring of budget variances.
• Whistleblowing reporting route.

Response

If fraud is suspected: do not confront the individual; report immediately to the Finance Lead and board chair; preserve all evidence; the board chair decides whether to involve the police; the individual may be suspended pending investigation; an independent investigator may be appointed; findings are reported to the board.

Reporting Process

Suspected fraud must be reported immediately to the Finance Lead and board chair. If the concern involves the Finance Lead or chair, it should be reported to another director or via the Whistleblowing Policy.

Compliance Requirements

• Fraud Act 2006.
• Theft Act 1968.
• Companies Act 2006.
• Bribery Act 2010.

Monitoring

The board reviews fraud risk at each meeting. An annual fraud risk assessment is conducted.

Review Cycle

This policy shall be reviewed annually.

Version Number

Version 1.0

Approval Section

Approved by: Towerblock Radio CIC Board Date: July 2026 Next review: July 2027

Related Policies

• Finance Controls Policy
• Internal Controls Policy
• Whistleblowing Policy
• Anti-Bribery and Corruption Policy

Website URL slug

/policies/fraud-prevention-policy

Meta Title

Fraud Prevention Policy | Towerblock Radio

Meta Description

Towerblock Radio CIC's fraud prevention policy covering prevention, detection, response and reporting of fraud, theft and financial misconduct.

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fraud prevention, theft, financial misconduct, Fraud Act 2006, financial controls, whistleblowing