You may recall that in our newsletter last October, we wrote a small article regarding ScamSmart investors. The Financial Conduct Authority (FCA) have now moved the ScamSmart hub onto their main FCA website (www.fca.org.uk/scamsmart) and brought all scam related content together, improving the user experience. They have also made significant improvements to the Warning List, which can be found here www.fca.org.uk/scamsmart/warning-list.
The ScamSmart website gives consumers tips on how to spot and protect themselves from investment fraud, and hosts the FCA Warning List. The Warning List is an online tool that warns users of the risks associated with an investment and helps them to check a list of firms the FCA knows are operating without its authorisation.
Here are some findings from a YouGov poll of 2,300 people on investment fraud
• “Over-65s with savings in excess of £10,000 identified as three and a half times more likely to fall victim”
• “Low interest rates cited as a key driver behind increased investment fraud risk for over-55s”
• “More than a quarter of over-55s falling victim to investment fraud are scammed via an unauthorised firm and unregulated product, such as wine, diamonds and land”
Be a ScamSmart Investor
1. Reject unsolicited investment offers
2. Check the FCA Warning List of firms to avoid
3. Get impartial advice