Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

The Loan Calculator News

Brought to you from Simple Finance - where money matters

Attack of the Clones

Good afternoon my loan calculator friends, I hope this blog finds you safe and well. It's been another interesting couple of weeks. Firstly Japan showed us all they may not be known for their physical statue but they certainly are now known for at least in the rugby world as possessing the hearts of lions. As I watched the rugby play out its dramatic final throws I was reminded of how this relates to the chaotic world of simple finance we all live in. In a decade where banks were brought to their knees, economies like Greece have imploded and others like China have exploded how do we pick the good from the bad... Well that's simple. Finance has always been an important economic driver particularly for the UK economy, which of course has given rise to a greater need for regulation. The FCA now has two lists to juggle, that of the interim permissions register and the other the full permission register. For those of you interested at what they look like I have taken the liberty of copying them here... https://register.fca.org.uk/

So you have a license number then?

So as with all things my loan calculator friends you work hard to become registered, you play by all the rules, you treat your customers fairly you earn your spot. There are however those amongst us who choose a route that takes them into the world of clones. I'm not talking Star Wars here or of worlds filled with Jedi Knights, quite the contrary these are the Darth Vader's of the finance sector and its only a matter of time before their Death Star comes a cropper. I'm referring of course to the copycats, the cheats, the site clones and yes they are out there. A recent update from the FCA referred to a site "fix my finances" which was the latest victim of cloning activity. Anyone with any information should contact them at the following address fixmyfinances@mail.com and I am sure this would guarantee you a hero's welcome by their Princess Leia equivalent.

So how do I protect myself against clone sites?

Well smart loan calculators can do a lot worse than take heed of some advice direct from our very own regulatory body, which I have put here for you all. http://www.fca.org.uk/consumers/scams/investment-scams/cloned-firms

For those of you who prefer the simple finance approach I will summarise the crux of the advice for you but the article is worth a read for any self respecting loan calculator.

1. Simple Finance top tip!
- Only deal with firms who are on the FCA register

2. Simple Finance top tip!
- Ask firms for their FRN number and always call them on the phone number registered with the FCA.

3. Simple Finance top tip!
- Double check firms identities with company's house.

4. Simple Finance top tip!
- Always visit the FCA register from their direct domain link www.fca.org.uk instead of using links in emails.

5. Simple Finance top tip!
- Double check the firms website address with the FCA register watch out of subtle changes.

6. Simple Finance top tip!
- Remember loan calculators dealing with unauthorised firms will mean you do not have access to the financial ombudsmen service

Simple finances opinion of the changes?

Well my little loan calculators that's quite enough from me for one day. One final word of caution quoting again our very own FCA "if it sounds too good to be true, it probably is". Wise words indeed

That's all for now

Take care from all at simple finance.

Reference:

http://www.fca.org.uk/news/warnings/fix-my-finances-clone-cc

Get your voice heard with "hot from the Loan calculator" our new feature where you get the last word. Contact us at loancalculator@simple-financeuk.com

Get access to our newsletter

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk