Recently, British media reported that as many as one in six firms on the FCA's warning list of unauthorised investment brokers are still in operation and can be accessed by consumers online. In addition, with or without the consent of celebrities, many of them are using celebrities to endorse companies and establish authenticity.

These fraudulent brokers often use famous footballers, athletes, actors and singers (such as Manchester United players), prominent businessmen (such as Sir Richard Branson and Deborah Meadon), and financial experts such as Martin Lewis in a brazen attempt to lure victims into investing.

The use of celebrity to lure investment is obviously more convincing to investors, and it is also very harmful to the celebrity who is used to promote the scam. Joanna Bailey, head of the Banking and Financial Fraud Litigation unit, commented: "The use of celebrity images to endorse fraud brokers often lures novice investors into confidence in the investment on offer. The victim sincerely believed that if a respected athlete or businessman backed an investment scheme, it must be sound and the company legitimate."

Joanna further points out that "the investment market is complex and risky and you should always check if the company is registered with the FCA before considering investing, even if the company states that it is registered with the FCA, if it is located in the Cayman Islands or another offshore location, you will not be protected by the FCA." You should also consider whether the celebrity endorsers are likely to have the necessary investment market expertise to be able to judge the schemes being promoted."