FCA amasses £41,000 bill for anti-fraud jingle
The Financial Conduct Authority (FCA) has amassed a £41,000 bill in order to create a Christmas-themed jingle in order to raise fraud awareness in December.
The 73-second song responded to a 32% rise in calls about loan fee fraud over previous festive periods, with one in 20 calls between November and January reporting an instance of loan fee fraud.
The jingle has attracted comments from industry figures on Twitter after it was revealed that it cost an estimated £570 per second, with many having said it represents a misuse of funds.
Glad to see our FCA fees being spent wisely. Between this and paying out on dodgy investment advice I think we have a right touch 🤦♂️😫😂 https://t.co/zvWyBzOgl8
— James Mcgregor (@Mesa_Financial) January 13, 2022
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “After last year’s Christmas lockdown, which saw friends and family unable to be together, the UK deserves to celebrate this year’s festive period in style.
“During what is already a period of increased spending for families, it’s a sad fact that scammers will be seeking every opportunity to exploit vulnerable people through loan fee fraud.
“Scammers can target anyone, so my message is simple: if you are contacted by text, call or email with the offer of a loan. Stop. Think. And go to the FCA’s register to check the firm’s details and make sure it is authorised to provide credit, before taking out a loan.
“Our FCA jingle is here to engage consumers on the subject of loan fee fraud in a more accessible and memorable way, which we hope will encourage increased vigilance to better protect them and their festive celebrations.”