The UK’s financial regulator has said it identified 30,000 instances of unregulated activities over the last 12 months.
FCA Executive Director of Enforcement and Market Oversight Mark Steward spoke to the Work and Pensions Committee on Wednesday.
He told MPs that there have been 10,000 investment fraud related cases reported to the FCA.
These make up a third of fraud, scam and other cases in the past 12 months.
What does this mean?
Speaking specifically on pension scams where people will have lost out on money, Steward said that the FCA needs more investment to help tackle the problem. Online scams are proving the biggest problem, and while aspects like FinTech and new pension freedoms offer “greater choice”, Steward stressed it’s vital that people can “navigate those choices well”.