The Financial Conduct Authority (FCA) has released
its consumer investments data review for the period between April 2022 and
March 2023, highlighting 1,716 warnings issued against unauthorized individuals
and companies.
During this period, the regulator barred 20% of new
consumer investment firms from entering the market. Besides that, the FCA secured £4.9m in consumer redress from unauthorized investment businesses. However, there was a notable surge of helpline inquiries
regarding potential scams, which jumped 12% since 2020.
Specific scams, including recovery room scams (21%),
FCA impersonation scams (38%), and cryptocurrency scams (17%), have seen a
notable uptick in inquiries.
Expect ongoing updates as this story evolves.
The Financial Conduct Authority (FCA) has released
its consumer investments data review for the period between April 2022 and
March 2023, highlighting 1,716 warnings issued against unauthorized individuals
and companies.
During this period, the regulator barred 20% of new
consumer investment firms from entering the market. Besides that, the FCA secured £4.9m in consumer redress from unauthorized investment businesses. However, there was a notable surge of helpline inquiries
regarding potential scams, which jumped 12% since 2020.
Specific scams, including recovery room scams (21%),
FCA impersonation scams (38%), and cryptocurrency scams (17%), have seen a
notable uptick in inquiries.
Expect ongoing updates as this story evolves.
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- Source: https://www.financemagnates.com//forex/fca-issues-1716-warnings-about-unregistered-firms-from-april-2022-to-march-2023/
