The FCA has reiterated its commitment to the success of the Economic Crime Plan in order to beat investment fraud.
Financial crime is a serious epidemic across the UK. The 2018/19 Crime Survey for England and Wales estimates a total of 3.8 million cases of fraud affecting individuals. This figure does not take into account financial crimes against businesses.
In a bid to tackle investment fraud and scams, the FCA is implementing a three-part strategy. The first component involves heightened scrutiny of the firms it authorises and taking appropriate enforcement action in cases of serious misconduct.
The second part involves increasing public awareness of scams, through publishing a list of known, or suspected, scammers on the ScamSmart website.
Lastly, the FCA is taking action to shut down unauthorised investment businesses where possible.
Click here to read more about the FCA’s plan to beat investment fraud.