Wealth management trade body PIMFA has published a guide to online fraud prevention for member firms as concerns grow about a rising number of internet scams. 

The Serious Fraud Office has launched an investigation into suspected fraud involving a group of unauthorised collective investment schemes investing in car leasing companies.

Investment fraud victims are suffering £373m of repeat fraud a year and can lose even more than they lost the first time they were conned, according to police data.

Wealth management professional trade body PIMFA and the Financial Services Compensation Scheme have joined calls for economic harm to be included in the government’s upcoming Online Safety Bill.