FCA warns consumers on loan fee fraud

FCA has issued a consumer warning to help customers avoid loan fee fraud as they look to cover the costs of summer spending.  This type of fraud, which involves customers paying for a loan they never receive, typically costs the customer £260. FCA data suggests these frauds are on the increase. It’s urging customers to be particularly wary if cold-called about the loan, asked to pay an upfront fee or asked to pay unusually or quickly – and says would be borrowers should always check the information on the Register.

Emma Radmore