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UK watchdog unveils blueprint to turn tide of financial scams

By Huw Jones LONDON (Reuters) -Britain's financial watchdog set itself targets on Wednesday to help consumers by 2025 cut their losses from a growing number of scams and steer...
UK watchdog unveils blueprint to turn tide of financial scams © Reuters. A general view of the Canary Wharf financial district in London, Britain April 25, 2021. Picture taken April 25 with a drone. REUTERS/Kevin Coombs

By Huw Jones

LONDON (Reuters) -Britain's financial watchdog set itself targets on Wednesday to help consumers by 2025 cut their losses from a growing number of scams and steer clear of investment products that are too risky.

Financial fraud has rocketed during the pandemic as more consumers search on the internet for products, with 1.15 million new accounts opened by just four trading app firms in the first four months of 2021.

The collapse of investment firm London Capital & Finance has also forced the government to pay millions of pounds in compensation to investors.

The growth of scams has required the Financial Conduct Authority to become more assertive in protecting consumers, who lost nearly 570 million pounds ($790 million) to investment fraud in the financial year that ended in April. That sum has tripled since 2018.

"We want to see a consumer investment market in which consumers can invest with confidence, understanding the risks they are taking and the regulatory protections provided," the FCA said in a statement.

The watchdog said that by 2025 it would cut by a fifth the number of consumers missing out on investment earnings, halve the number of consumers investing in unsuitably risky products, and cut the money lost to investment scams carried out by regulated firms.

To achieve these goals, the watchdog said it would explore changes in rules to make it easier for firms to provide more help to consumers who want to invest in relatively straightforward products.

It will also launch a new 11 million pound investment harm campaign, and be more assertive and agile in how it "detects, disrupts and takes action against scammers".

The Financial Services Compensation Scheme (FSCS) is funded by an annual levy on industry. It has risen sharply over recent years to 833 million pounds, and the FCA said it would review rules to stabilise the bill for covering failed firms.

But PIMFA, which represents financial advisers, said the FCA's proposals for addressing "unsustainable" rises in FSCS levies do not go far enough.

"The FCA needs to be significantly more ambitious in setting out a supervisory approach in which harm is identified and acted on quicker," PIMFA CEO Liz Field said.

But Simon Turner, a financial services partner at consultants EY, said reducing harm in the market long term will involve significant supervisory and enforcement activity in the short to medium term, which is likely to increase the costs of compensation.

The FCA said it will also implement plans to toughen up a "duty of care" on financial firms towards their customers, seen as a step change in protection.

($1 = 0.7231 pounds)

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22-09-2021 09:21:03 (UTC+7)

EUR/USD

1.1728

+0.0004 (+0.04%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (3)

EUR/USD

1.1728

+0.0004 (+0.04%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (3)

GBP/USD

1.3662

+0.0003 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

USD/JPY

109.37

+0.16 (+0.15%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (5)

AUD/USD

0.7247

+0.0016 (+0.23%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (4)

USD/CAD

1.2794

-0.0021 (-0.16%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

EUR/JPY

128.26

+0.22 (+0.18%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (6)

EUR/CHF

1.0834

+0.0010 (+0.10%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (3)

Gold Futures

1,777.25

-0.95 (-0.05%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (3)

Silver Futures

22.703

+0.092 (+0.41%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (7)

Copper Futures

4.2140

+0.1040 (+2.53%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (0)

Crude Oil WTI Futures

71.09

+0.60 (+0.85%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

Brent Oil Futures

74.85

+0.49 (+0.66%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (4)

Natural Gas Futures

4.828

+0.025 (+0.52%)

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↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (2)

US Coffee C Futures

183.70

+1.10 (+0.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Euro Stoxx 50

4,097.51

+53.88 (+1.33%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

S&P 500

4,354.18

-3.55 (-0.08%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

DAX

15,348.53

+216.47 (+1.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

6,980.98

+77.07 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Hang Seng

24,221.54

+122.40 (+0.51%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (2)

US Small Cap 2000

2,190.36

+8.15 (+0.37%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

IBEX 35

8,756.00

+100.60 (+1.16%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (1)

BASF SE NA O.N.

62.280

+0.620 (+1.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Bayer AG NA

45.70

+0.47 (+1.04%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

187.45

+3.59 (+1.95%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (8)

Sell (0)

Adidas AG

281.90

+1.38 (+0.49%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Deutsche Lufthansa AG

8.377

-0.287 (-3.31%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (8)

Siemens AG Class N

145.32

+3.06 (+2.15%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (9)

Deutsche Bank AG

10.095

-0.135 (-1.32%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (6)

Sell (3)

 EUR/USD1.1728Buy
 GBP/USD1.3662Neutral
 USD/JPY109.37Sell
 AUD/USD0.7247Sell
 USD/CAD1.2794Sell
 EUR/JPY128.26↑ Sell
 EUR/CHF1.0834Neutral
 Gold1,777.25↑ Buy
 Silver22.703↑ Sell
 Copper4.2140↑ Buy
 Crude Oil WTI71.09↑ Buy
 Brent Oil74.85Sell
 Natural Gas4.828↑ Buy
 US Coffee C183.70↑ Buy
 Euro Stoxx 504,097.51↑ Buy
 S&P 5004,354.18↑ Sell
 DAX15,348.53↑ Buy
 FTSE 1006,980.98↑ Buy
 Hang Seng24,221.54Neutral
 Small Cap 20002,190.36↑ Sell
 IBEX 358,756.00Neutral
 BASF62.280↑ Sell
 Bayer45.70↑ Buy
 Allianz187.45↑ Buy
 Adidas281.90↑ Sell
 Lufthansa8.377↑ Sell
 Siemens AG145.32↑ Sell
 Deutsche Bank AG10.095Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,710
(10/ 10) # 816
SJC HCM5,650/ 5,715
(5/ 5) # 821
SJC Hanoi5,650/ 5,717
(5/ 5) # 823
SJC Danang5,650/ 5,717
(5/ 5) # 823
SJC Nhatrang5,650/ 5,717
(5/ 5) # 823
SJC Cantho5,650/ 5,717
(5/ 5) # 823
Cập nhật 22-09-2021 09:21:08
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Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
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WTI$71.10-0.78-1.10%
Brent$74.86-0.74-0.99%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR26.007,0827.360,60
GBP30.295,3831.561,13
JPY203,28215,04
KRW16,6220,24
Cập nhật lúc 09:18:20 22/09/2021
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