By Najiyya Budaly (October 1, 2021, 2:48 PM BST) — The Financial Conduct Authority has told wealth managers to ensure that they have strong controls in place to prevent their clients from investing money in scams, after finding that investors were losing money to fraud.

Debbie Gupta, director of consumer investments supervision at the FCA, said in a letter dated Sep. 16 but published on Thursday, that the regulator is seeing poor practices by asset managers that are being trusted to manage customers’ money by investing in unsuitable products or investment scams and conducting market abuse.

The letter to chief executives at asset managers said that the sector is facilitating scams, financial…

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