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FSCS warns of second copycat scammer in six weeks

FSCS-Piggy-Bank-500x320.jpgThe Financial Services Compensation Scheme has published a warning about a Russian website fronting as an FSCS subsidiary and asking people to register a claim.

The FSCS says the the site by Insider Group claims to be a wholly owned subsidiary of the lifeboat fund. The FSCS is clear that it is not connected to the site in any way.

The warning says the site also uses the logos of the FCA and the Prudential Regulation Authority to add false credibility.

This is the latest in a string of fraudsters looking to leverage the compensation fund’s reputation.

In September the FSCS warned people to be wary of “fake emails from fraudsters claiming to represent FSCS”.

In January it also warned of an email scam where consumers were being promised a $5.7m (£4.5m) payment from the lifeboat fund.

The warning came on the same day that the FCA published a consultation paper on its review of the FSCS funding model.

The paper proposed product providers should contribute more towards the scheme.



FSCS opens up to more Harlequin claims against advisers

Advisers will be in the firing line as the Financial Services Compensation Scheme begins considering claims against IFAs who told clients to invest directly in property scheme Harlequin. Harlequin marketed and built overseas luxury property and has come under investigation by the Serious Fraud Office after some developments never materialised and high commissions came under […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. If I got an email saying I was owed £4.5M I would delete it.

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