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 FCA has instigated criminal proceedings against Lee Steven Maggs, 38, of Sittingbourne, Kent, for two counts of fraud and one count of breaching the Financial Services and Markets Act 2000 (FSMA). 

Over £612m was lost to investment fraud in 2023, according to new data from crime reporting service Action Fraud.

The Financial Ombudsman Service expects the number of complaints it will receive this year to hit 210,000 - nearly 30,000 higher than predicted in December.