The UK Financial Conduct Authority published a warning for three individuals that took part in a £5.9 mln illicit scheme. The authorities confirmed that they offered to employ financial penalties against these scammers in respect of their fraudulent actions.
In particular, the FCA considers that these persons played a key role in a pension fraud and colluded together to ensure that customers were recommended to switch/transfer their existing pension money into a self-invested personal pension (SIPP) which would be invested into certain high-risk and mainly illiquid investments in investment firms searching to attract investors.
