On 27 August 2025, the Financial Conduct Authority (FCA) issued a warning to consumers following nearly 5,000 reports of fraudulent schemes impersonating the regulator during the first half of 2025. Fraudsters continue to evolve their methods, targeting vulnerable individuals with sophisticated impersonation tactics.
From January and June 2025, the FCA’s Consumer Helpline received 4,465 reports of fake FCA scams. Alarmingly, 480 victims were persuaded to send money to fraudsters.
The majority of reports, nearly two-thirds, came from individuals aged 56 and above, highlighting a growing vulnerability among older consumers.
During the entirety of 2024, the FCA received 10,379 reports of fake FCA scams, with 991 individuals handed over money to scammers in those instances.
Common Scam Techniques
Several deceptive approaches have been identified:
- Crypto wallet recovery ploy: Scammers falsely claim that the FCA has retrieved funds from a crypto wallet allegedly opened without the victim’s knowledge or consent.
- Loan recovery fraud: Victims of past loan scams are re-targeted by fraudsters pretending to assist with recovery, only to demand further payments.
- County Court Judgment (CCJ) ruse: Consumers receive emails falsely claiming a CCJ has been issued by creditors, instructing them to send payment to the FCA.
- “Pig butchering” scams: In this elaborate scheme, fraudsters develop a seemingly romantic or friendly relationship with the victim before convincing them to invest. After the victim loses money, the scam is repackaged as FCA-backed recovery assistance.
FCA’s Advice to Consumers
The FCA reiterates that it will never ask individuals to transfer money, nor will it request sensitive banking details such as account PINs or passwords. Consumers are strongly advised to remain vigilant and verify the authenticity of any communication claiming to be from the regulator.
Key Safety Reminders from the FCA:
- Be cautious of any unsolicited contact, whether via phone, text, email or messaging apps.
- Never share sensitive personal information, such as PINs or passwords.
- Always verify communication via the official FCA website using the genuine online contact form
Reporting Suspected Fraud
If you suspect a scam, report it immediately to one of the following:
- Action Fraud (England, Wales, and Northern Ireland): Call 0300 123 2040 or report via its website.
- Police Scotland: Call 101 or contact Advice Direct Scotland at 0808 164 6000.
- FCA: Use the online contact form via the FCA website.
Conclusion
This surge in fake FCA scam reports highlights the continual ingenuity of fraudsters and underscores the importance of vigilance, particularly among older adults, who appear disproportionately targeted. The FCA’s proactive messaging and clear warnings are crucial in helping consumers stay alert and protected.
How Can Complyport Help?
At Complyport, we specialise in helping regulated firms strengthen their defences against financial crime and regulatory risk. The rise in scams impersonating the FCA demonstrates how crucial robust systems and governance are, not only to protect firms but also to safeguard their clients.
- Strengthening financial crime frameworks to ensure alignment with FCA requirements, including those under SYSC 6.1.1R (Systems and Controls) and SYSC 6.3 (Financial Crime).
- Delivering tailored staff training to help employees detect and appropriately respond to fraudulent communications.
- Conducting independent reviews of policies, controls and client communication channels to ensure resilience against deception.
- Providing practical regulatory guidance to help firms manage suspicious activity and protect their reputation in line with FCA Principles for Businesses, especially Principle 3: Management and control.
If your firm is concerned about the rise in impersonation scams or broader financial crime threats, we offer actionable and cost-effective support to help you stay compliant and resilient in a fast-changing risk landscape.
Book a meeting with one of our Subject Matter Experts to discuss how we can support your firm’s compliance and risk management strategy.
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