How the vulnerable lost their life savings while regulators stood by

n one devastating moment, Jane Caldwell realised she had lost £200,000. The money had come in part from a life insurance payout she had not touched since her partner’s death a decade ago. She had set it aside for their disabled daughter’s future.

“As an older mother and with her father having passed away, I thought my daughter is probably going to need my help in the future which I won’t be around to do,” says Ms Caldwell, who asked for her name to be changed so she would not be targeted by fraudsters.

In mid-2018 Ms Caldwell, who is unable to work for health reasons, received a call from a man she understood to be from Nationwide, with which she had savings bonds. It was not from Nationwide at all – but the caller appeared to know all about her finances.

Ms Caldwell was about to become one of a rapidly growing number of victims of investment scams who are finding little help from regulators, banks or the police when they lose life-changing…