UK ombudsman pledges to tackle scammers of £755m fraud

The UK’s Financial Ombudsman Service (Fos) has set out the scale of fraud carried out in the country’s financial services sector, pledging to work with other regulatory bodies such as the Financial Conduct Authority to crackdown on scams.

According to the regulator, it managed to return £1.9m to fraud victims in 2015, jailing eight people for a total of 32 years while freezing more than £2.7m. On top of that, the FCA confirmed it has issued public warnings about 250 unauthorised firms.