Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, has issued a statement highlighting the alarming rise in investment scams. Measures taken by the FCA include proactive monitoring which aims to update its warning list of dangerous firms within 24 hours; but he also highlights that “The Warning List should be an essential component of existing systems and controls inhibiting financial crime, creating more intrusive due diligence when such firms are seeking to set up or require professional advice or assistance, or seek banking or payment services here in the UK”. Given the direction from the FCA, UK Financial Institutions should take the opportunity to incorporate warning lists into their due diligence procedures.

https://www.fca.org.uk/news/speeches/rise-scams-and-threat-legitimate-financial-services-industry