The report indicated that the FCA received more than 24,000 reports of unauthorized activity during the 10-month period, up from 20,300 in all of 2019.

The regulator also opened 1,542 supervisory cases involving suspected scams or risky investments.

“New cases have remained high throughout the year,” the FCA said, with peaks in February, June and July.

The regulator also rejected applications for authorization from 343 firms or individuals during the 10-month period, amid concerns about possible investor harm. That represented about 10% of the applications received during the period.

The incidence of financial scams being promoted through online has also been a key focus for the regulator.

“We think online platform operators, like Google, should bear clear legal liability for the financial promotions advertised on their platforms,” the FCA said, adding that it’s considering extending rules regarding financial promotions to…

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