The UK Financial Conduct Authority (FCA) announced its plan to combat financial threats and risks.
Financial authorities noted that more than £1.6 tril were invested in the consumer industry by customers via the services of over 6,000 wealth managers, experts and investment websites. While most of this industry meets customers’ requirements, there are some zones where damage is happening. For example, the financial regulator plans to reduce the money consumers lose to fraudulent schemes committed or assisted by licenced companies. Individuals lost approximately £570 mln due to scams in 2020/21, and this number has tripled during the last three years.