The regulatory partner for City law firm RPC said the FCA carried out 20 raids in 2013, up from 11 in 2012, with the increase in activity demonstrating how tough the FCA was when confronting illegal activity.
He said: “While boiler room activity takes place at the fringes of the financial services sector it can still result in a large number of, often, retired victims. Looking at all the current FCA criminal investigations, it is clear that it is widening the scope of its investigative responsibilities.”
Ian Gwinnell, director of Staffordshire-based IFA All Counties Financial, said: “Luckily, non of my clients have been affected by these types of scams, but I have seen a number of IFAs in the Midlands affected by mortgage fraudsters. Any movement by the FCA to help consumers has to be a good thing.”