Rocio Concha, Which? Director of Policy and Advocacy, said:
“This latest report shows that the FCA is facing an uphill struggle in tackling a flood of online investment scams and that in some cases the regulator is not able to take action.
“It’s vital that online platforms including Facebook and Google step up and do more to protect people from these scams that can cause such devastating financial and emotional harm.
“The government has acknowledged the serious impact of scams but has not included them within the scope of its online safety bill. It must urgently come forward with new proposals to give platforms more legal responsibility to prevent fraudulent content from appearing on their sites in the first place.”
Notes to editors