The FCA has warned about the growing threat of investment scams as it revealed £197m of fraudulent losses were reported last year.

Manraj Virdee, the director of a firm running an illegal unauthorised investment scheme (UCIS), has been given a two year suspended prison sentence following a case brought by the FCA.

The Financial Conduct Authority has fined Paul Stephany, a former fund manager at Newton Investment Management, £32,200 for his conduct in relation to an Initial Public Offering.

A Financial Planning and advice firm has slipped into liquidation.