New data from the government-backed Money and Pensions Service (MAPS) has revealed that consumers have reported losing £13.6m to financial scammers over the past year, an average of over £16,000 each.

The Online Safety Bill, seen as one of the best ways to tackle online financial scams, has been delayed to the autumn but will now include protections for bona fide journalism.

More than half (53%) of High Net Worth individuals say they have been victims of a financial scam - a 10% rise in just six months.

Google says it has removed 123m ‘bad’ financial ads globally in the past year and is stepping up its fight against online scammers in the UK by pledging to work more closely with the FCA.