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

'Clone' investments firms on the rise

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. Quilter takes action as impersonation scams continue to rise Two out of five investors (42%) say they are "currently worried" about their finances due to the pandemic, while three-quarters (77%) either have or plan to make an investment over the coming six months to help improve their financial situation. T...