Investment scams up 32% as Brits lose £135m
‘It cannot be right that online firms are effectively profiting from fraud’
Scams
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Investment fraudsters scam £18m out of HSBC customers in 2020
Losses more than tripled in a year
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‘Consistent standards’ needed to protect vulnerable clients
PFS chief executive says advisers can ‘offer balance and scrutiny’ with financial decisions
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South African regulator warns investors against Hong Kong firm
It believes the unauthorised company uses ‘boiler room tactics’
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Hong Kong regulator freezes accounts linked to social media scam
Other watchdogs in Singapore and Malaysia warned investors against trading incited in social media platforms
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How investors can win cases against rogue financial advisers
One fraud victim has written about her experience to help other avoid being scammed
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17,000 retails investors stung in $1.7bn scam
Trio charged with running a Ponzi-like scheme by the US financial watchdog
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Attack of the clone firms cost investors £78m in 2020
‘No surprise mendacious fraudsters have ramped up attempts to swindle hard-working people’
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20% drop in pension transfers but half still trigger red flags
December was the worst month of 2020 with three-quarters of transfers giving cause for concern
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FCA refuses to authorise more than 340 firms
As it prevents 12 financial advice companies from phoenixing
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An insider’s guide to identifying fraudsters
Their keynote is ostentation, be it flashy suits or gaudy gewgaws
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High court shuts down UK art investment firms
They ‘were used as part of a cynical scam targeting members of the public’