A survey conducted by the Financial Conduct Authority (FCA) has revealed that more than a fifth of individuals who were contacted in regard to a fraudulent investment failed to report it.
The FCA surveyed a group of over-55s, and found that only 63% of individuals would report an investment scam to the authorities.
49% of those surveyed stated that they would not know who to report a scam to.
The FCA is encouraging the public to get in touch if they have been contacted by a firm offering fraudulent investments. The Authority keeps a list of potentially fraudulent firms that operate without authorisation: this can be found here.
Addressing the issue, Mark Steward, Director of Enforcement at the FCA, said: ‘It’s clear to see that by reporting suspicious investment schemes to the FCA, people are having a direct impact in helping to stop fraudsters exploiting others. But there is still more we can all do and we need the public’s help.
‘We are encouraging people to speak out on behalf of their family or local community, just like they would report a crime in their local area.’
Investment scams can be reported to the FCA using its ScamSmart website.