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Fake Financial Advisors

Questions to the Mayor of London – answered on 11th March 2020.

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Photo of Tony Devenish Tony Devenish Conservative

In reference to an article published by the FT this month, what are you doing to crack down on and raise awareness of the issue of fake financial advisers who defraud and take advantage of vulnerable Londoners?

Photo of Sadiq Khan Sadiq Khan Mayor of London

The article references a specific issue that exploits regulatory areas which are mainly the responsibility of the Financial Conduct Authority and the Insolvency Services. However, these suspects can also be seen in other investigation methods such as investment fraud. The MPS investigates all allegations of this type and has produced the “Little Book of Big Scams” to raise awareness of the subject. As part of the Cyber Security Strategy, MOPAC is assisting the MPS to distribute the booklet. The MPS is also part of a Home Office drive, called Op Otello, to work with NECC partners (including the FCA) across the public and private sectors to strengthen the response to fraud across all 4Ps. The next campaign focuses specifically on investment fraud.