Investment - Articles - Aegon comment on FCA report on investment scams

Kate Smith, Head of Pensions at Aegon, on figures released this morning from the FCA that over £27 million was reported lost to crypto and forex investment scams in the last financial year.

 “It is disappointing to see investment scams continuing to rise with reports of money lost to crypto and forex investment scams tripling over the last financial year. This should serve as a warning that fraudsters are still very much at large and using ever inventive ways to scam people out of their money.

 “The FCA are doing some good work to actively raise awareness in this area and help individuals steer clear of bogus investments. However, much more is needed to be done to simply keep up as scammers are becoming increasingly sophisticated in their techniques through advancing digital technologies to lure potential investors.

 “The pensions cold calling ban was a step in the right direction to protect consumers’ pensions but won’t help in the wider battle to tackle fraudsters as they move onto softer targets. The government needs to work alongside the regulators to stem the tide of fraud and help keep the threat of scammers in the spotlight.”

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