November 17, 2021

UK’s financial watchdog goes real-time to catch online criminals By Reuters


© Reuters. FILE PHOTO: The logo of the Financial Conduct Authority (FCA) in London April 1, 2013. REUTERS/Chris Helgren


By Huw Jones

LONDON (Reuters) – Britain’s financial regulator has to make daily sweeps of the internet to warn about online scams in real time and keep pace with fraudsters who are often based outside the country, one of its officials said on Monday.

Mark Steward, the Financial Conduct Authority’s (FCA) director for enforcement, said the warnings have become a cornerstone of the watchdog’s fight against a surge in financial scams after pandemic lockdowns sent more people online.

The FCA issued 1,200 consumer warnings last year about scams advertised via social media platforms by fake companies that are not regulated by the watchdog, double the amount in 2019, Steward told parliament’s Treasury Select Committee.

“We are now issuing warnings straight…

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