It will launch an £11million campaign to warn consumers about the dangers of deception as it takes a more hands-on approach to restrict the marketing of high-risk investments.

The City watchdog wants to slash the amount of money that consumers lose to what it says are investment cons perpetrated or facilitated by regulated companies, as well as halve the number of people that put their money into risky, unsuitable products.

Financial fraud has soared online due to the pandemic.

The FCA said that it will take a more “assertive and agile” approach to detecting and dealing with criminal behaviour.

To that end, the regulator said it will pay closer attention to what firms do online and use automated systems to comb the web to identify rip-off artists and raise the alarm.

It will also improve how it detects, assesses, prioritises and takes action against fraudsters.

And the FCA will also use the information and intelligence it has gathered when individuals and…

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