Wealth managers will be under renewed scrutiny from the Financial Conduct Authority this year as the regulator warns of an increase in scams.

In its 2019/20 business plan, the FCA said as well as harming consumers, scams damaged financial market integrity.

“We have seen evidence of an increase in wealth managers’ discretionary portfolios being used for pension scams, and poor conduct from wealth managers who make unsuitable investments in high risk assets for their clients,” the FCA said.

“Our activities will improve our ability to prevent or reduce harm in this area.”

The tackling of finan...