The Financial Conduct Authority (FCA), the UK’s independent regulator for financial services, responsible for protecting consumers, maintaining market integrity, and promoting effective competition across banking, investment, pensions, and insurance has issued an urgent warning after receiving more than 4,400 reports in the first half of 2025 of fraudsters impersonating them. Around 480 victims were tricked into transferring money, with older people disproportionately targeted.
Scam tactics include claims that the FCA has recovered funds from cryptocurrency wallets, or offers to help victims of loan scams reclaim lost money, before persuading them to hand over further funds or sensitive banking details.Steve Smart, the FCA’s enforcement director, stressed the regulator will never request money transfers or PINs, urging consumers to be vigilant. Industry experts warn the true scale of impersonation scams is likely far higher than reported.