Loan fee fraud partnership toolkit 2023 [pdf]

The Financial Conduct Authority (FCA) has published a „toolkit“ concerning so-called loan fee fraud. As with all toolkits published by the Authority, the material contained in this presentation may be used by „partner firms“ – that is firms supervised by the FCA and operating in this line of business – on their own websites or their social media to support the FCA in its efforts to prevent harm from consumers. Accordingly, there’s no prior approval necessary for the use of the information, including the use of infographics.
In this particular case, the FCA provides
– information on the loan fee scam which includes the offering of loans with initial upfront payment of application fees without ever being granted the loan and
– red flags possibly indicating such scam.
This information shall help legitimate, reputable firms – in this case financial institutions – train their staff in this context, not least to be able to advise customers accordingly when receiving loan applications.
Additionally, firms may use the enclosed posters, digital banners, and social media posts to inform about the scam and raise customer awareness in this context.