Dating to relating scam
Richard Howlett, a partner at London-based law firm Selachii LLP, who I spoke to for my investigation, said that he had dealt with countless cases concerning binary options trading fraud.
Victims, he said, were being conned out of anywhere from a few hundred pounds to more than £1m.
We live in a low-return, high-cost world of deep economic uncertainty, so how would you feel if I suddenly granted you access to a pot of cash – for argument’s sake £20,000 or more – and said that you could do with it whatever you liked?
A prudent proportion might choose to hold it in a bank account, where it can’t be grown but also won’t trickle away.
Every bank, every lender, every building society should be educating their clients.
And as David Newman, head of pensions at investment firm Close Brothers Asset Management, told me: “Just putting a leaflet at the back of a financial statement is not enough.
Figures published recently by the FCA show that 53 per cent of pension pots accessed since the new rules were introduced have been withdrawn fully.
It recently raised a number of concerns relating to what people are doing with that money and a full report into the issues around pension freedom is due to be published next year. Lawyers have told me that more fraudulent platforms are springing up daily.
Email too can be intercepted or monitored if you do not take the necessary precautions so it is vital that you are very careful when using the internet.
I understand that, to a large extent, people have to take responsibility for their own missteps, financial or not, internet-based or not.
But the Government, the police, advisers, banks and the Financial Ombudsman Service should be screaming their warnings from the rooftops when it comes to these types of repulsive swindles.
He said he had felt worthless and was trying to compensate.
This is PPI all over again – but it’s even worse because of how few people are aware of it.