FCA Investment Fraud Warning
Published / Last Updated on 14/10/2014
FCA Investment Fraud Warning.
The Financial Conduct Authority (FCA) has set up a new website to help consumers identify and avoid possible investment scams. Using funds that have been recovered from crime, the FCA has set up Scamsmart, a website that will help consumers spot possible investment scams, it also encourages users to reject cold calls about investments.
The FCA has also provided its warning list, which flags any firm that is operating a clone website and also those who are not authorised in the UK. If a consumer has been offered a possible investment opportunity, the website will explain possible negative points to the investment.
Consumers are being recommended to seek financial advice before selecting investments. The regulator said that consumers lose around £20,000 a year and around 5,000 calls received by the FCA were linked to possible investment fraud.