Financial Planning Wales, a Chartered Financial Planner firm, has become the latest firm to face a cloning scam as the FCA warned that scammers are using fake details of the company to try to con people.

More than 5m people have fallen victim to a financial scam since the Covid-19 pandemic or know someone who has.

The FCA has issued a scam warning about a firm called ‘My Scam Adviser’ which claims to help scammed investors recover their money.

Crooks and scammers have been taking advantage of the Coronavirus epidemic to ramp up their fraud operations with a 400% increase in virus-related fraud in March.