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Inverness-based retailer wins coveted Drapers Award for Best Independent Footwear Retailer

9 Jul 2024

A family-owner retailer in Inverness, Begg Shoes, has been named Best Independent Footwear Retailer at the 2024 Drapers Footwear Awards, held annually to celebrate the outstanding achievements... Read more…

'Pay-as-you-feel' barber wins hairdressing award

9 Jul 2024

A man who offers "pay-as-you-feel" haircuts has been named the UK's best barber.
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The Times publishes its list of the seven best shopping streets in the UK

24 Jun 2024

The Times has just published its list of the seven best shopping streets in the UK.
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Indie retail village wins Hospitality Hero Velvet Award for 2024

24 Jun 2024

An independent retail village in Ely that celebrates its one-year anniversary this month has won the Hospitality Hero Velvet Award for 2024.
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Bike shop owner slams police’s “abject apathy” after three shops broken into in one night

24 Jun 2024

A cycle shop owner has criticised the police’s “abject apathy” towards bike theft after thieves attempted to break into his store for the second time in a year, on the same... Read more…

A simple comparison of the General Election manifestos

24 Jun 2024

With less than three weeks to go until the General Election, Bira has produced a simple table comparing manifestos for Labour, Conservatives, Liberal Democrats, Green Party and Reform UK, and... Read more…

Independents Day message - supporting independent shops boosts local jobs and economies.

24 Jun 2024

With the annual Independents’ Day weekend coming up on July 6th and 7th, independent retailers have been reinforcing the message that supporting independent shops boosts... Read more…

Euro 2024 predicted to deliver multi-million-pound boost for independent retailers

24 Jun 2024

Research from the British Retail Consortium (BRC) has suggested 6% of shoppers will buy a new TV or electronic device during the Euros, 4% will purchase official merchandise and nearly 10% will... Read more…

Bira leads £1 billion damages claim against Amazon by UK retailers in landmark collective action

12 Jun 2024

A £1 billion damages claim has been filed against Amazon on behalf of retailers selling on Amazon’s UK marketplace for illegally misusing their data and manipulating the Amazon Buy... Read more…

Bira responds to KPMG Retail Sales Monitor report

10 Jun 2024

The British Independent Retailers Association (Bira) has responded to the BRC-KPMG Retail Sales Monitor for May 2024.
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Bira urges vigilance against loan fee fraud following FCA guidance.

Posted on in Business News

In the face of the escalating threat of loan fee fraud, the British Independent Retailers Association (Bira) is urging its members to heed the Financial Conduct Authority's (FCA) recent guidance to safeguard against scams.

Fraudster

The FCA is intensifying efforts to raise awareness about loan fee fraud, a growing menace that preys on unsuspecting individuals seeking financial assistance. The regulatory body is encouraging consumers to follow a simple 3-step check to protect themselves from falling victim to scams.

1. Beware of Cold Calls or Emails:
If you receive unsolicited communication, exercise caution as it could be a potential scam.

2. Avoid Upfront Fees:
Be cautious if asked to pay any upfront fees, as this is a red flag for potential fraud.

3. Watch for Unusual Payment Requests:
Scammers often demand quick or unconventional payments; therefore, be vigilant if faced with such requests.

Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, emphasised the importance of the 3-step check, stating, "Fraudsters will exploit any opportunity, and it's crucial to protect yourself and your loved ones from loan fee fraud. If you encounter cold calls, upfront fees, or unusual payment requests, be on high alert."

To assist individuals in verifying the legitimacy of lenders, the FCA recommends checking their loan fee fraud page and searching the lender's name on the Financial Services Register before proceeding with any loan applications. This proactive approach can help identify and avoid firms attempting to scam consumers.

This year, the FCA has collaborated with Debt Free Advice, a debt advice coalition led by Toynbee Hall, to raise awareness about the support available for individuals facing financial stress and debt challenges.

Consumers and businesses alike are reminded that dealing with unauthorised firms leaves them without coverage from the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) in case things go awry. Bira encourages its members to stay informed and vigilant to protect themselves and their businesses from the threat of loan fee fraud.

You can find out more about loan fee fraud here.

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