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Fed expresses alarm at ‘runaway’ shoplifting incidents.

5 Feb 2024

The Federation of Independent Retailers (the Fed) has expressed alarm at new figures that show shoplifting at its highest level in 20 years.
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Hunstanton deli launches new West Norfolk food and drink festival.

5 Feb 2024

A brand-new festival is being launched next month is “all about community and breathing life into the High Street”, according to Mark Kacary, managing director of The Norfolk Deli in... Read more…

Retailers react to disposable vape ban.

5 Feb 2024

The retail sector has been responding to government plans to ban disposable vapes as part of plans to tackle the rise in youth vaping.
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UK’s indie food retailers to be recognised in the Farm Shop and Deli Retailer Awards 2024.

23 Jan 2024

Bakers, butchers, cheesemongers, delicatessens, fishmongers, greengrocers, village stores and small farm shops from around the UK have been shortlisted in the Farm Shop and Deli Retailer Awards... Read more…

How Independent Retailers Can Stand Out in A Crowded Market

23 Jan 2024

An interesting article has appeared in Forbes reflecting many of the issues that Indie Retail & ActSmart members will be experiencing – the challenges and... Read more…

Eight in Ten Small Businesses Taking Positive Steps to Strengthen Their Enterprises in 2024

22 Jan 2024

Eight in ten small business owners (81%) are planning to develop their companies in 2024, according to new research from Novuna Business Finance. The research shows that over a third (33%) are... Read more…

The Times names 12 of the UK’s best independent bookshops — as chosen by its readers.

22 Jan 2024

The Times has named 12 of the UK’s best independent bookshops — as chosen by its readers. Readers highlighted places that combined books with a friendly and welcoming atmosphere.... Read more…

Bira Launches Second Annual Campaign for Valentine's Day - #LoveYourHighStreet

22 Jan 2024

The British Independent Retailers Association is championing the high street again this Valentine's Day for the second consecutive year with its #LoveYourHighStreet campaign.
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Family-run shop in Lanarkshire village scoops community retailer award for second year running.

10 Jan 2024

Nads Store, a family-run shop in Law, Lanarkshire, has been named Community Retailer of the Year at the Scottish Asian and Business Awards ceremony for the second year running.
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Bira urges vigilance against loan fee fraud following FCA guidance.

10 Jan 2024

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... Read more…

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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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