The rise in investment scams has become an economic scourge, according to Financial Conduct Authority (FCA) executive director of enforcement and market oversight Mark Steward.
Speaking at the City & Financial Global - FCA Investigations & Enforcement Summit, Steward (pictured) spoke of the rise in online investment scams, particularly referring to one advert placed on a well-known social media site on 22 February. The advert promoted high-interest bonds from best2invest, and appeared in search results for consumers using terms such as 'secure investments' or 'ISA best buys'. It turned out to have been placed by a national paper. The FCA detected the promotion on the same day it appeared and started immediate inquiries, according to Steward. The site was th...
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