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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes