The UK's Financial Conduct Authority (FCA) issued a total of 2,286 warnings about possible scams in 2023, up 21% from 1,882 in 2022.。These warnings remind consumers that companies and individuals on the FCA's warning list are doing business without the FCA's authorization.。

Given the potential for investment fraud and authorized push payment (APP) fraud to cause life-changing harm to consumers, the FCA strategy sees them as two particular priorities.。

Growth in Investment Fraud Slows Significantly in 2023。In 2022, the number of victims increased by 28% and the amount of losses increased by 53%.。By the end of 2023, this growth rate has slowed significantly, with overall losses falling by 40 per cent and the number of victims of investment fraud growing slightly, by 4 per cent..3%。

One of the greatest means of combating fraud and wider financial crime is to prevent。Together with the Advertising Standards Agency, the FCA works with social media influencers and their agencies to provide them with clear information about what illegal financial promotions are.。

Separately, the FCA has persuaded platforms such as Google, Bing and Meta to crack down on illegal financial promotions and fraudulent advertising, and now they have banned paid advertising in UK financial services that is not approved by FCA-authorized companies。

Since April 2022, the FCA has conducted six ScamSmart campaigns (covering investment fraud, loan fee fraud and pension fraud).。

While preventing, regulators recognize the need for a robust enforcement response to maximize the deterrent effect of their fraud efforts.。The FCA has taken strong action against companies and individuals who dishonestly abuse their regulated position.。

The FCA has charged 15 people with fraud since April 2023, with many more to come.。