UK Financial Regulator: Watch Out For Brexit Scammers

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Last Thursday, the Financial Conduct Authority (FCA) released a warning that scammers might try to take advantage of uncertainty around Brexit in order to trick unsuspecting Brits.

The regulator said that consumers should beware of unexpected emails, text messages,  and calls, and told the consumers to never to hand over their debit card pins.

The regulator’s warning came as part of a notice that advised the consumers on how Brexit could affect their financial products and services.

The notice stated: “During this period of uncertainty there is a greater risk of scams.”

It added: “If you have any doubts at all about what you are being asked to do, check with your provider. Always use contact details you can trust, for example, the phone number on your bank statement or policy documentation.”

The FCA said that it has some plans in place to make sure that financial services keep operating even if there is no transition period when the United Kingdom leaves the European Union in March.

However, it warned the citizens of the European Economic Area (EEA) and the citizens of the United Kingdom who are living in the EEA that they could be affected if their UK bank provider is not able to operate in the EEA after Brexit.

The watchdog added that the banking consumers of the United Kingdom inside the country should be unaffected, as the branches of European lenders that are located in the United Kingdom are controlled by domestic regulators.

The regulator’s warning comes amid some uncertainties in the future of the post-Brexit arrangements between the United Kingdom and the European Union. The Brexit negotiations have turned out to be harder than expected for both sides, with neither able to agree on major points including the Irish border and post-Brexit trade tariffs with third parties.

Meanwhile, the prospect of the United Kingdom leaving the European Union without a deal looms large as the negotiations are scheduled to conclude by the end of March 2019.