Just 1 in 700 reported fraud cases reported in 2019 resulted in a conviction, despite an increase in the number of investment frauds reported.

Nearly £2m has already been lost to pension fraud this year with the true cost likely to be much higher as victims often do not realise they have been scammed for several years.

Wealth manager and Financial Planner Quilter has written to the Prime Minister and the Minister for Digital and Culture calling on the government to include scams and other financial harms within the scope of the upcoming Online Safety Bill.

Investment fraud victims are suffering £373m of repeat fraud a year and can lose even more than they lost the first time they were conned, according to police data.