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.”
The rise in investment scams has become an economic scourge, according to Financial Conduct Authority (FCA) executive director of enforcement and market oversight Mark Steward.
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…