FCA TO TACKLE WEB FRAUD
The Financial Conduct Authority (FCA) has established a ‘war room’ to tackle suspect investment schemes advertised online. This follows a wave of internet scams, often targeting vulnerable pensioners. The team aims to curtail the increasing number of internet-enabled fraudulent schemes, often operated by small groups of criminals, which are defrauding consumers out of hundreds of millions of pounds.
NS&I ATTRACTING YOUNGSTERS
National Savings & Investments (NS&I) has seen a sharp rise in new customers under the age of 16. This increase is partly attributed to a raft of Premium Bond rule changes, including lowering the minimum investment from £100 to £25. And further rises are expected later this year when, for the first time, any adult will be able to buy Premium Bonds for any child.
A Freedom of Information response obtained by Royal London1 has revealed that HMRC ‘hasn’t got a clue’ how many fines have been issued for breaches to pension tax relief rules. The rules are complex and Royal London is arguing that, if large numbers of people are being fined, the industry needs to know so customers can be alerted to the issue.
1Royal London, July 2019