FCA Cracks Down On Investment Scams
The Financial Conduct Authority (FCA) has set up a team to wage war on suspicious investment schemes advertised online. It comes following the collapse of London Capital and Finance (LCF), which folded early in 2019, owing £237 million to 11,500 investors.
The FCA says LCF was just ones of the companies engaging in online fraud, with schemes frequently targeting vulnerable pensioners who have been saving for retirement for many years. The FCA ordered the company to stop advertising because it was falsely marketing its mini-bonds as ISA eligible, when they were not - but the ban came too late.
If you have been offered a pension or investment opportunity and aren't sure if it's legitmate, visit the FCA's ScamSmart page
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