Section 1: Fraud
8.Section 1 creates a new general offence of fraud and introduces the three possible ways of committing it. The three ways are set out in sections 2, 3 and 4 and explained below.
9.Subsection (3) sets out the penalties for the offence. The maximum custodial sentence of 10 years is the same as for the main existing deception offences and for the common law crime of conspiracy to defraud.