The Financial Services Compensation Scheme is set to close the London Capital & Finance (LCF) scheme it set up to provide redress to victims of the firm’s collapse.

The FCA has warned that many scammers are using bogus emails, letters and phone calls purporting to be from the FCA to target authorised firms and consumers.

Average pension transfer values in May fell to £217,000, the lowest level seen since June 2016, as the number of transfers raising one or more warning flags rose to 83%.

The Financial Conduct Authority (FCA) has committed to upping its investment in using data to tackle online fraud faster.