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We support the FCA's scam warning

24 April, 2018

StepChange Debt Charity wholeheartedly supports the warning today from the Financial Conduct Authority (FCA) on a particular kind of consumer scam called loan fee fraud which often targets people who are struggling financially. It involves asking people to pay a fee in order to get a loan - which they then never receive.

Peter Tutton, StepChange Debt Charity head of policy, says:

“People struggling with debt or looking for credit to make ends meet can be especially vulnerable to loan fee fraud. People need more help to spot the fraudsters and stop them getting away with these scams.”

According to the FCA, loan fee fraud is now the most common scam reported to the regulator. Warning signs that you may be being targeted by fraudsters include pressure to pay fees with promises that these will be refunded, pressure to pay quickly, and requests for payment to be made in unusual ways.

You can read the FCA's warning on their website.

The FCA website contains information about how you can try to avoid scams, or you can contact the FCA’s Freephone consumer helpline (0800 111 6768).

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Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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