Investment fraud is one of the "the most damaging" aspects of financial crime, which "has reached epidemic proportions" with a growing number of investors scammed out of their savings, according to FCA chair Charles Randell.
The Financial Conduct Authority (FCA) has been the target of much criticism for its handling of a spate of high profile scams and inappropriately risky investment scandals, such as that of London Capital & Finance, but Randell (pictured) said the regulator is now taking further action on investment fraud. Reports of investment scams have skyrocketed in recent years, driven primarily by pensions freedoms and the growth of online advertisements for "get-rich-quick" schemes. While the figure is uncertain, the Crime Survey for England and Wales puts the total volume of fraud affecting ind...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
