Almost 5,000 reports of fraudsters impersonating the Financial Conduct Authority (FCA) were made in the first six months of 2025, prompting the regulator to issue a fresh warning to consumers.
The FCA said 4,465 incidents had been reported to its consumer helpline so far this year, with 480 victims tricked into sending money directly to criminals. Nearly two-thirds of those targeted were aged 56 or over.
The scams often involve fraudsters claiming the FCA has recovered funds from a crypto wallet illegally opened in the victim’s name, or offering to help recover money already lost in loan scams. Other cases have seen victims told they must pay the FCA in relation to a County Court Judgement.
A particularly pernicious trend, known as “pig butchering”, sees criminals build relationships with victims over time before persuading them to invest. Once money has been lost, the fraudsters return posing as the FCA, promising to recover funds in exchange for further payments.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “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.”
The regulator urged consumers to remain vigilant, warning that unsolicited contact by phone, text, email or WhatsApp should raise immediate concern. It said anyone uncertain about the authenticity of correspondence should use its official online contact form.
