The Financial Ombudsman (Fos) has revealed that a total of £755m was lost to financial fraud in 2015, an increase of 25% year on year. The FCA are coordinating its efforts to clamp down on such fraud with a range of agencies. However the small returns made to victims would seem to suggest that they might well be fighting a losing battle particularly as financial scammers are staying one step ahead with the availability of new technology.
Grant Thornton's Fraud Insolvency Division (FInD) have for some time now been targeting FCA regulated financial advisers who have persuaded their clients to sink their savings into unregulated investment products for their own personal gains
“Unfortunately, scams are a fact of daily life – and when daily life changes, scams evolve with it. In particular, new technologies – which should make life easier – inevitably come with new risks.”