The Financial Conduct Authority (FCA) has published its consumer harm strategy which aims to give people the confidence to invest and reduce the number of scams.
It said 8.6 million people in the UK have £10,000 or more in investable assets sitting in cash. By 2025, the FCA aims to reduce the number of consumers who can benefit from investment earnings but are missing out by 20%. It also wants to halve the number of consumers who are investing in higher-risk products that are not aligned to meet their needs. The regulatory body will aim to reduce the money consumers lose to investment scams perpetrated or facilitated by regulated firms. Between 2020 and 2021, consumers lost nearly £570m to investment fraud, a figure which has tripled since 2...
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