FCA warns of firms offering to write off debts in new scam  

Fraudsters said to be focusing on people facing financial difficulties  

Julia Bahr
clock • 2 min read

The Financial Conduct Authority (FCA) has warned UK consumers of firms offering unauthorised management services.  It said these firms offered to 'write off' debts, mainly mortgages, and get compensation for consumers from their lenders. This might include reclaiming past payments of capital and interest.  "Feed Fees are often charged to do this and more fees might be added even when the scheme fails. ," the regulator warned. "This can lead to significant losses for those involved."  The FCA added that the firms, unlikely to be authorised by the FCA, might try to convin...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Hove, East Sussex

FCA cancels permissions of Hove firm Albany Financial Consultants

Cancellation of Part 4A permissions enacted with immediate affect

Hope William-Smith
clock 01 September 2023 • 1 min read
Labour branded 'short-sighted' for vowing to battle lifetime allowance

Labour branded 'short-sighted' for vowing to battle lifetime allowance

Consultancy says attention on pensions is better spent elsewhere

Jonathan Stapleton
clock 13 April 2023 • 1 min read
FCA blocks thousands of misleading ads in 2022, up 14x from 2021

FCA blocks thousands of misleading ads in 2022, up 14x from 2021

‘Financial promotions must be fair, clear and not misleading’

Ayesha Venkataraman
clock 03 February 2023 • 3 min read