FCA urges Consumers to check Investments

The Financial Conduct Authority (FCA) is urging over 55s to take their time to check that investment 'opportunities' are legitimate before they hand over their money.

New research by the FCA reveals a fifth (22%) of over 55s, with above average incomes, suspect they were targeted by a fraudulent investment scam in the past three years, rising to a third (32%) of those aged 75 and over.

On average, victims of investment fraud lost £32,000 each last year. Recent pension freedoms and low interest rates offering poor returns on savings are making over 55s an increasingly attractive target for fraudsters. The new research is part of the FCA's ScamSmart campaign, helping to protect consumers from investment fraud. The campaign features an interactive tool, the FCA Warning List, that helps investors find out more about the risks associated with an investment, and check a list of firms the FCA knows are operating without its authorisation.

Over half (55%) of those who have invested in financial products did so on their own, rather than making the decision with family. This is more than any other major financial decision listed such as buying a house, a car or a significant holiday. Fraudsters will often encourage their targets to keep the investment a secret to avoid friends and family dissuading them from investing.

Don't become a victim, CLICK HERE to read full article and learn to spot the warning signs of investment scams.