FCA boss demands crackdown on internet scams as ministers face growing backlash over new online safety laws

The City watchdog has called for an urgent crackdown on rampant internet scams that are swindling savers and pensioners.

Nikhil Rathi, chief executive of the Financial Conduct Authority, warned that fraudsters are luring victims by advertising sham investment schemes online with impunity.

But he said laws proposed by ministers fail to address the problem and urged them to go further.

Crackdown: Nikhil Rathi, chief executive of the Financial Conduct Authority, said fraudsters are luring victims by advertising sham investment schemes with impunity online

The draft Online Safety Bill was unveiled this week but will only tackle fraudulent investment schemes posted by users on social media – leaving out the…

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