Market update
- Budget date confirmed: the Budget will take place on Wednesday 26 November. We’ll email you a summary of the key changes after the announcement
- UK pressures intensify: the interest rate or ‘yield’ on 30-year government bonds has climbed to the highest levels since 1998, increasing the cost of borrowing for the government
- UK inflation rate stays at 3.8%: notably food prices have risen to 5.1% from 4.9%, the fifth month in a row the rate has risen
- Bank Rate remains at 4%: there is more doubt about when interest rates will be cut and how quickly
Fake FCA scams warning – advice on how to avoid
The Financial Conduct Authority (FCA) has issued a warning to consumers about scammers impersonating them. Fraudsters posed as the FCA to steal funds or sensitive personal details including passwords and PINs from unsuspecting people.
There have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline so far this year. They reported that 480 victims were duped into sending money to the fraudster, with almost two-thirds of reports from people aged 56 or above.
Reported scams included:
- Fraudsters claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual’s name.
- Targeting loan scam victims, who are often very vulnerable. Fraudsters claim the FCA can help them recover the money they’ve lost. They are then persuaded to hand over further funds.
- Consumers are emailed that their creditors have taken out a County Court Judgement against them and they need to pay the FCA the monies owed.
- ‘Pig butchering’ – where scammers ‘fatten up’ victims by building a connection, often a romantic one, and then carry out a long-term investment scam. After the victim has lost money, scammers attempt to defraud victims a second time by pretending to be the FCA under the guise of helping to ‘recover’ the money.
Steve Smart, FCA joint executive director of enforcement and market oversight advised:
“Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA. We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If in doubt, always check.”
Tips to avoid fake FCA scams
- Be alert if someone contacts you unprompted, whether by phone, text, email or WhatsApp
- Never hand over sensitive personal information, like PINs and passwords
- If you’re unsure, ask the FCA using their online contact form
For more information visit fca.org.uk/consumers/fake-fca-communications
How to report a scam
If you’ve been the victim of a scam, report it to Action Fraud on
0300 123 2040 or via actionfraud.police.uk
In Scotland, report it to Police Scotland by calling 101, or contact Advice Direct Scotland on 0808 164 6000.
Pay your pension some attention
New It’s Pension Awareness Week 2025 this week. Wherever you may be in your retirement journey it’s a great time to pay your pension some attention. Here are three simple steps:
- Do you know where all your pension savings are? There are billions of pounds out there in lost pension money… could some of that be yours?
- Do you know how much you currently have in your pension?
- What are your dreams for the future? Do you know what income you may need in retirement?
By taking some simple steps today, you can face your future with confidence. Get in touch if you have any questions or would like to discuss in more detail.
Life insurance and trusts
Life insurance is more than just a safety net for you, it can help ensure your family’s financial stability in the future.
Have you considered writing your life insurance policy in trust? This could help to pass on wealth efficiently and quickly to the people you want to benefit.
Get in touch and take a step towards safeguarding your family’s future, or refer a friend who may benefit.
If you have any questions about this email, or anything else, please get in touch – I’m here to help. And if you know someone who may be interested in receiving financial advice, please feel free to recommend me to them.