FCA issues warning after investment scams cost savers £78m in 2020

James Baxter-Derrington
clock • 2 min read

More than £78m was stolen from investors over the course of 2020 as clone investment firm scams took advantage of pandemic-induced financial worries, according to new data from Action Fraud. The increased prevalence of these scams has led the Financial Conduct Authority (FCA) to issue a warning to investors as part of its ScamSmart campaign. April 2020 saw a month-on-month increase of 29% in these types of scams as the UK entered its first full month of lockdown. Two out of five investors (42%) say they are "currently worried" about their finances due to the pandemic, while three-q...

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