The Financial Conduct Authority (FCA) and Action Fraud have issued new warnings following an uptick in cryptocurrency and foreign exchange-related fraud.
Last year, fraudsters stole £197 million from unsuspecting Brits, taking on average £29,000 per scam, according to Action Fraud – the national fraud and cyber-crime reporting centre.
The most common scams reported involved 'investments' in shares and bonds, foreign currency exchange and cryptocurrencies.
The government have announced that the Pensions Cold Call ban will be delayed until autumn this year. It’s time to send a clear message to pension scammers that they will not be tolerated, so the sooner the government implements this ban, the better.
FCA proposes new financial services directory for consumers
By Holly Black
The financial watchdog wants to make it easier for investors to check that the firms they deal with are genuine.
The Financial Conduct Authority has suggested creating a new directory to help consumers check that companies and individuals working in financial services are legitimate.
A ban on pension cold calling has been delayed until autumn, the government has confirmed.
The Treasury says a consultation is first needed to ensure future legislation is both 'effective and robust'.
This is expected to be published in July to coincide with Economic Secretary to the Treasury, John Glen MP’s speech in parliament laying out the timeline for the Financial Claims and Guidance Bill, which the ban falls under.
A HM Treasury spokesperson comments: 'We’re committed to introducing a ban on pensions cold calling as quickly as possible.
Vulnerable people may be let down by the government as it struggles to meet its own deadline for introducing legislation, which would ban pensions cold calling.
Households should receive fewer pension cold calls from this summer as the government has finally set date ban.
New research shows the difficulties of spotting a pension scam as fraudsters get more sophisticated.
Despite repeated calls, the government still yet to set a date for the implementation of a pensions cold calling ban.
Consumers are at risk of having their bank accounts shut down due to a rise in them being used for ‘money muling.’