The Treasury Committee has urged the government to set up a new agency to combat the growing problem of financial fraud and scams in its new report on economic crime.

Investment fraud offences rose by 42% in the year to September 2021, according to the latest figures from Action Fraud.

It said that all advisers, administrators, trustees and providers should take responsibility for protecting pension savers by joining its pledge to combat pension scams.

The Financial Conduct Authority issued a record 1,300 consumer warnings in 2021 as it stepped up efforts to protect investors.