The Act gives a statutory definition of the criminal offence of fraud, defining it in three classes. This includes fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position. It details that a person found guilty of fraud is liable to a fine or imprisonment for up to twelve months on summary conviction (this is up to six months in Northern Ireland), or a fine or imprisonment for up to ten years on conviction on indictment.
This Act was introduced to largely replace the laws relating to obtaining property by deception, obtaining a pecuniary advantage and other listed offences that were outlined under the Theft Act 1978.
