Press Release - Launch of the Investment & Pension Fraud Victim Alliance
25 June 2024

New Organisation to Advocate for Victims of Financial Adviser Fraud and Misconduct

Launch of The Investment & Pension Fraud Victim Alliance (IPFVA)


London, UK – 26 June 2024 – Today marks the launch of The Investment & Pension Fraud Victim Alliance (IPFVA), a new not-for-profit organisation dedicated to supporting and advocating for individuals who have suffered losses due to financial adviser fraud and misconduct. Founded by victims and experts in the field, the IPFVA aims to address the systemic failures that have left many without justice, compensation, or support.


A Voice for the Victims


Investment and pension fraud has devastating effects, leading to significant financial losses and emotional distress for victims and their families. The IPFVA seeks to bring these issues to the forefront, campaigning for change and providing much-needed support.


“We believe victims are being failed at multiple levels by the UK state, including the Financial Conduct Authority (FCA), the police, and most acutely HMRC,” said Sue Flood, a pension victim and Co-Founder of IPFVA. “The new government must take notice and prioritise this issue. This is a matter of life and death, with HMRC charges about to be levied on those who have already lost so much. We have victims on suicide watch because of these unfair charges. We are calling for urgent change to address this injustice and call on the new government to take action”


Current Campaigns


Unfair Tax Charges by HMRC: Victims of financial fraud are facing unjust tax charges on lost investments and pensions. The IPFVA is campaigning to abolish these unfair charges, highlighting the additional burden they place on already devastated individuals.


Call for Inquiry: The IPFVA is calling for a comprehensive inquiry into how victims are being failed by the current system. We believe that root and branch reform is necessary to protect future investors and restore faith in the UK’s financial system.


The Need for Reform


Investment and pension fraud is not only a personal tragedy for victims but also a threat to the integrity of the UK’s financial system. The failure to address these crimes adequately undermines public trust and has broader economic implications.


Failures in the Current System


HMRC Issues: HMRC’s imposition of unfair tax charges on fraud victims exacerbates their financial struggles. Victims are being taxed, rather than the perpetrators, adding to their financial loss and distress and hindering their recovery.


FCA Inadequacies: The FCA has been criticised for its inability to effectively regulate financial advisers. Many fraudulent advisers continue to operate despite regulatory breaches. For instance, a significant number of advisers have been able to continue their activities even after complaints have been filed against them.


Policing Shortcomings: Financial fraud is not prioritised by law enforcement, resulting in a very low rate of investigations and prosecutions. In 2022, only a small fraction of reported financial fraud cases were investigated by the police, highlighting a significant gap in justice for victims.


Lack of Support and Compensation: Victims often do not receive adequate financial compensation for their losses, and there is a significant lack of support services available to help them rebuild their lives.


Our Vision


Investment and Pension Fraud Victims deserve better. They should be able to trust regulated financial advisers without fear of losing their hard-earned money. The IPFVA is committed to:


Advocating for fair treatment of victims by HMRC.


Reforming regulatory bodies to ensure effective safeguards against financial misconduct.


Ensuring law enforcement prioritises financial fraud and brings perpetrators to justice.


Campaigning for comprehensive support and financial redress to help victims recover and rebuild their lives.


Call to Action


With a UK election on 4th July, the IPFVA urges political leaders and media to prioritise this issue on the national agenda. The Alliance calls for immediate attention to the plight of victims and the need for systemic reforms to prevent future fraud.


“As a lawyer and co-founder of IPFVA, I see firsthand the immense suffering caused by financial adviser fraud,” said Carly Barnes-Short. “The new government has a duty to address these failings. This is a huge issue and significant injustice that cannot be ignored any longer. We need change, and we need it urgently before lives are lost.”


About the IPFVA


The Investment & Pension Fraud Victim Alliance (IPFVA) is a not-for-profit organisation founded by victims and experts to support individuals affected by financial adviser fraud and misconduct. The Alliance campaigns for justice, support, and systemic reforms to protect investors and restore trust in the UK’s financial system.



END


24 September 2025
A fraud loss is more than just money disappearing—it’s the shattering of trust. When the institutions we depend on seem to let us down, it amplifies the pain.
26 May 2025
At Fraud Victims United , we often hear from people whose lives have been completely upended by fraud — not just financially, but emotionally and psychologically too. Yet this impact is still too often dismissed or ignored by authorities, media, and even friends and family.  We wanted to highlight this powerful article from PA Media that sheds much-needed light on the mental health toll of fraud : 👉 4 Mental Effects of Fraud – and How to Heal After Being Scammed The piece explores the deep emotional aftermath many victims face, including: Anxiety — 38% of recent victims reported experiencing panic attacks, with many struggling to sleep months later. Shame — feelings of guilt and humiliation that stop people from speaking out. Anger — especially when trust has been exploited in personal or professional contexts. Loss of trust — in people, systems, and even one’s own judgment. As financial crime specialist Sarah Lenette explains in the article: “Victims may feel a lower sense of security, or worry that [their information] could be used against them and leave them exposed to future scams.” These stories reflect what so many in our community already know: the emotional toll of fraud can last years — and it is every bit as real as the financial damage . Recent discussions at the Parliamentary Summit on Investment Fraud & Fairer Financial Services , hosted by the Investment Fraud Committee, also made it clear that mental health must be a central part of any serious response to this epidemic. Survivors deserve not only justice, but support. The article closes with practical, empowering steps for recovery — including: Reporting the fraud without shame Talking openly with others to break the silence Seeking support from specialist charities like Victim Support Rebuilding confidence through action — like securing accounts and learning about fraud tactics Victim Abbie Blyth sums up what many experience: “The immediate guilt, shame, and feeling of being a complete failure was the worst experience of my life.” At Fraud Victims United, we know healing takes time — but it also takes community, validation, and action. Articles like this help build that awareness, and we’re grateful to see the conversation shifting. 🔗 Read the full article here Please share it with anyone who might be struggling in silence. They are not alone.