Mark Steward: “Our worry about a precipitate warning causing evidence and money to go missing is less of a concern if we can develop a dragnet to capture suspicious ads on the same day or within 24 hours after they first appear.”
Speaking at the City & Financial Global – FCA Investigations & Enforcement Summit, Steward (pictured) spoke of the rise in online investment scams, particularly referring to one advert placed on a well-known social media site on 22 February.
The advert promoted high-interest bonds from best2invest, and appeared in search results for consumers using terms such as ‘secure investments’ or ‘ISA best buys’. It turned out to have been placed by a national paper.
The FCA detected the promotion on the same day it appeared and…