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Compliance Portal
September 18, 2025
Recently, the Financial Conduct Authority (FCA) warned that there have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year with 480 victims were duped into sending money to the fraudster.
The criminals use a variety of techniques to scam individuals such as claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual's name or emailing consumers telling them their creditors have taken out a County Court Judgement against them and they need to pay the FCA the monies owed.
However, it isn’t only consumers who can fall foul of scammers looking for their next victim. Brokers are also in their sights and must be prepared in the eventuality they are targeted. Research suggested that 96% of all attacks are aimed at small businesses, rather than individuals.
Brokers are particularly vulnerable to cyber scams which can see ransomware installed on their systems, phishing attacks and incidents where they may be tricked into transferring money voluntarily into the scammer’s accounts.
Jill Hambley, ICS Managing Director, commented: “Scams are a huge problem for individuals and businesses but there is a lot people can do to protect themselves. We’re here to support our broker and MGA customers to protect themselves from scammers. We’d urge our clients to be on the alert for fraudsters impersonating the FCA and take the advice shared by the regulator. If you have any further queries we are happy to help, just contact your dedicated consultant.”
FCA tips to avoid falling victim include:
- If someone contacts you unprompted, whether by phone, text, email or WhatsApp, be alert.
- Never hand over sensitive personal information, like bank account PINs and passwords.
- If you're unsure, get in touch with the FCA using the online contact form.
