From missed call scams to tax scams, inheritance scams to HMRC scams, the number and frequency of financial services scams continue to be on the rise.
In this article, we look at some of the most common scams, how to stay safe and what to watch out for.
At its most basic level, a scam is something which appears at first glance to be legitimate but is in fact a way to trick people out of money or personal details which can then be used to steal their money.
With advances in technology, these scams have become increasingly sophisticated, harder to identify and more difficult to avoid.
Scammers use a range of different media from phone calls to messaging apps to target potential victims.
They also employ time pressures such as fake deadlines to encourage people to act before thinking.
Scams can take many forms – here are some of the most common to watch out for:
This is where scammers pose as representatives from legitimate organisations like the Financial Conduct Authority (FCA), banks, or government bodies to gain trust and access sensitive information.
They often send official-looking emails complete with logos and contact details in order to fool the recipient.
FCA scams in particular are becoming more prevalent – the authority received almost 5,000 fake FCA scam reports in the first half of 2025.
One of the most FCA scams to watch out for is fraudsters claiming the FCA has recovered funds from a cryptocurrency wallet opened illegally in the potential victim’s name.
Another FCA scam sees fraudsters claiming a County Court Judgment has been taken out against a potential victim who then needs to pay the FCA the monies owed.
Fraudsters can also pose as representatives of HMRC in an effort to carry out tax scams.
One such common tax scam is an HMRC email offering either a tax refund or requiring the payment of additional tax.
Investment opportunities that seem too good to be true invariably are.
Investment scams commonly offer high returns, guaranteed returns or a combination of the two.
Fraudulent investments often involve overseas territories or property investments with an alluring brochure.
Scam cryptocurrency investments are also on the rise as fraudsters use new technology to convince people to part with their money.
Fraudsters also use fake endorsements from well-known business people or TV personalities as a way of scamming victims. MoneySaving Expert founder Martin Lewis consistently issues scam warnings, most recently highlighting deepfake AI videos promoting fake investment schemes and cryptocurrency. He also calls out fake adverts, cold calling, and imposters claiming to work for him.
This is a common tactic used in financial services scams where people receive emails apparently from a trusted source. This can include from people at your workplace or from people you know.
These phishing emails prompt the victim to click on a link and enter login details or personal information.
Fraudsters also use phishing in apps and social media platforms. Here they ask for login details to access your account to read a story or look at a picture.
This scam is similar to phishing, but this time, fraudsters use phone calls to try to extract personal details or convince you to transfer money.
Common vishing scams include messages claiming the unauthorised use of bank or credit cards for Amazon purchases, voicemail scams and missed call scams.
Other financial services scams which use vishing include fraudsters posing as representatives from financial institutions offering access to new investments or savings accounts. It is also common for fraudsters to alert you to a fake fraud and ask you to move money to a different account “for safety”.
Vishing scammers can also pose as representatives of government bodies and law enforcement agencies.
This is a particularly unpleasant form of scam where fraudsters target a vulnerable person and build trust over time.
A fraudster will not ask for money or personal details straight away but will work to gain the trust of the potential scam victim.
Only when this has happened will the fraudster make their move and carry out their scam.
This is known as ‘pig butchering’ as it likens the process to a pig being fattened up prior to being butchered.
Pig butchering scams rely on a relationship being built up so they often take place in arenas like dating apps or websites.
As well as losing money, victims of these scams often feel they have lost valuable relationships as well.
While fraudsters are becoming more sophisticated in the way they target victims, there are some useful rules you can follow to help combat scams.
Always take a moment to stop, think and challenge any suspicious requests.
Legitimate business representatives will not be offended or put off if you challenge what they ask for. Fraudsters may move on to the next potential victim.
If you’ve been targeted, always contact the relevant authorities so they can trace the fraudster and warn others.
If someone urges you to complete something quickly or tries to introduce other time pressures, that can be a sign of a scam. Ask why there is such a need for speed.
In a similar vein, be sceptical of investment ‘opportunities’ with high returns and a very limited time to ‘take advantage of’.
If you’re contacted unexpectedly by a financial firm, do not use the contact information they provide. Instead, find their official contact details on the FCA website or the Firm Checker and get in touch directly.
It’s also a good idea to carefully check email and website addresses. Fraudsters often use addresses that look convincing but have one letter out of place or an unusual ending such as ‘fcaonline’ or ‘fcagroup’.
It is really important to report any suspected financial scams to Action Fraud (the National Fraud & Cyber Crime Reporting Centre) and the FCA, as this helps them warn others and to monitor fraudulent activity.
Both Action Fraud and the FCA issue regular updates about scams, as well as hosting resources on how to beat the fraudsters.
Check out the FCA’s Fake FCA Communications page and Action Fraud’s Prevention page for more information and tips.
Staying safe from financial services scams is an important part of maintaining your financial health and welfare.
Some of the key things to watch out for to stay safe are:
At Fairstone, we have partnered with the Regional Economic Crime Coordination Centre (RECCC) to help raise scam awareness and safeguard the financial wellbeing of our clients and staff.
For more information on our approach, please click here.
To talk to one of our advisers, please get in touch.
Disclaimer: This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. Always seek professional advice before making financial decisions.
Steven will take up the position later this autumn, bringing with him more than 30 years of experience in the financial services sector. Most recently, as Group CEO at Aldermore Bank, he led the business through a period of substantial growth, almost doubling its size after joining in May 2021, and helped the organisation earn recognition as one of the Sunday Times Top 10 Places to Work.
He has a long-standing career in financial services, having held a variety of senior positions in banking both in the UK and abroad, including Group CEO at C. Hoare & Co, the UK’s oldest privately-owned bank, and having led a number of Barclays’ businesses including as CEO at Barclaycard Business, Personal Banking for UK & Europe, and Business Banking in the UK.
Steven said: “I am thrilled to be joining Fairstone. As well as being one of the fastest growing wealth advisory firms in the UK and Ireland, it is also one of the most trusted by its clients.
“What drew me here was the clarity of purpose, doing the right thing for clients, building long-term relationships, and supporting people to make confident financial decisions.
“That approach aligns closely with my own values. I’ve always believed that integrity, stewardship, and high professional standards are essential to building trust and delivering strong outcomes.
“I’m looking forward to working with colleagues across the business to support our clients and help shape the next phase of Fairstone’s journey.”
Steven began his career aged 16 as a branch cashier at Barclays and has built a career that reflects his belief in social mobility and values-led leadership.
He served as Joint Chair of the Social Mobility Commission and was awarded a CBE in 2022 for services to banking and social mobility. Steven continues to champion inclusive opportunity across the financial services sector.
He is the current UK Chair of consumer credit reporting agency Experian PLC and has served as a Non-Executive Director on a variety of regulatory and listed boards.
Steven will take over as CEO from Fairstone’s founder Lee Hartley, who becomes Deputy Chair. Lee has led the business for the past 16 years, overseeing its growth into one of the UK’s most trusted chartered financial planning firms.
Earlier this year, Fairstone marked two significant milestones: reaching £20 billion in client assets under management (AUM) and completing its 100th partnership within the wealth management sector through its Downstream Buy-Out (DBO) investment model.
Lee Hartley commented: “Fairstone has reached a significant point in its journey, and I’m pleased to be handing over to Steven as he takes on the next phase of leadership. His experience and values are well aligned with the business as it advances towards its 2030 goals.”
With a client base of over 125,000 and annual revenues exceeding £175 million, Fairstone is now entering the next phase of its journey. Enhancements to the DBO model and a broadened long-term strategy will support the firm’s ambition to reach £40 billion in AUM by the end of 2030.
David Hickey, Independent Chairman at Fairstone, said: “I’m delighted to welcome Steven Cooper to Fairstone. His extensive experience leading major financial institutions and his in-depth understanding of retail financial services will bring invaluable insight to the group.
“I’m also really pleased that our founder, Lee Hartley, is stepping into the role of Deputy Chairman, allowing us to continue to benefit from his deep sector knowledge.
“The UK is entering a period of significant intergenerational wealth transfer, and families will need thoughtful, well-structured advice to pass on investments and protect their assets.
“There’s a real opportunity for advice led firms like Fairstone to support clients and their families through this transition, not just by offering financial expertise, but by helping people make confident, informed decisions about their future.
“With the appointments we have made, we have ensured Fairstone has the right leadership in place to guide clients through this transition and to continue delivering on our long-term goals.”
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After all the build-up, the resumption of higher US tariffs on imported goods and services on August 1 ended up being something of a damp squib.
Thanks to new trade deals agreed between the US and a host of countries and regions including the UK and the EU, the anticipated major fall-out – and consequential market turmoil – largely failed to happen.
But should all this really be a surprise – and what does it mean for investors?
The one thing which has been predictable since Donald Trump took office at the start of this year has been his unpredictability.
As a result, there are now signs that markets are starting to get used to the somewhat quixotic nature of Trump’s actions and almost pricing in the volatility which they inevitably cause.
Let’s look back to the start of April – ‘Liberation Day’ as Donald Trump called it – when the White House overnight imposed tariffs on goods and services from a vast swathe of countries.
It is fair to say that the decision caused chaos on the markets and leading indices around the world plunged into the red.
At Fairstone Investment Management, we got a lot of calls from advisers whose clients were worried about the value of their investments and how they could be affected by the global market volatility.
In the middle of the storm caused by the initial tariffs – and subsequent days when the US and China embarked on tit for tat tariff rises to three-figure percentages – it was difficult to maintain a steady course.
Yet within a space of a few days, those tariffs were placed on pause for 90 days and the markets calmed considerably.
US equities, which took a battering in the early part of April, recovered fairly swiftly afterwards and were back to all-time highs by the start of July. This suggests that investors see the fundamentals of the US economy as sound and are not anticipating a global slowdown in growth.
Even at the start of the week when the tariff pause was going to be lifted, there was relatively little volatility, suggesting that the markets were pretty sanguine about what was to come on August 1.
While the more punitive Trump tariffs of 50%-plus threatened on some countries have not been carried through, some countries such as Canada (35%), Switzerland (39%) and Brazil (50%) are still threatened with higher rates by the Trump administration for various reasons.
There was a brief surge in the price of copper on world markets after Trump said the US is considering imposing 50% tariffs on the metal. Other than that, reaction on the markets has been relatively subdued. For example, the FTSE 100 ended August 1 close to record highs of 9,100-plus, compared with the 7,544 it sank to in the immediate wake of ‘Liberation Day’ back in April.
The idea that these delays could become a pattern of behaviour from the White House is starting to gain ground. The TACO acronym (Trump Always Chickens Out) is beginning to be quoted by traders in increasing numbers.
However, to quote a more English metaphor, it is by no means certain that the US President will continue to march his men up to the top of the hill only to march them down again.
Markets remain wary of the potential for tariffs to ramp up at short notice and the potential longer term impacts of Trump tariffs on the US economy and global trade. As a result, markets and investors will keep watching the situation closely.
As stated at the start of this article, trying to predict Donald Trump’s next move is almost impossible.
Even though the threat of punitive tariffs has largely disappeared, the effective tariff rate being imposed by the US on the rest of the world is running at around 18%. This compares with levels of between 2% and 4% for the past 40 years.
There are signs that the policy is starting to reshape global trade flows. And while Trump is in the White House, there is always the chance of sudden changes in direction.
This whole episode is almost like an object lesson in the basic rules of investment:
If you had sold investments while the indexes were plummeting at the start of April only to buy them back when markets recovered, you could have lost a lot of capital. Attempting to time the sale and purchase of investments is extremely tricky, even for investment professionals, and unforeseen events can easily upset all your calculations.
Investing is a long-term pursuit and staying invested is more effective than trying to predict market highs and lows. Changing course too often may well mean you miss out on the benefits of recovery and even a few days out of the market can be costly.
Diversifying your investments can help to reduce risk. It also means that no single downturn – even if it’s temporary – can seriously impact the value of your portfolio.
Keeping informed is important, but in the world of instant news alerts and social media froth, you can get caught up in spirals of fear or euphoria. This can lead you to make bad investment decisions. Keep an ear out but don’t let the news cycle dictate what you do.
Investment managers and financial advisers have extensive experience of market swings, unforeseen events and all manner of economic shocks. Lean on that experience by taking professional financial and investment advice to ensure your plans are best placed to withstand the turbulence from Trump tariffs, trade wars or other events which could affect your financial future.
Tariffs are an excellent example of the unpredictable external forces which can impact your investment plan.
Keeping calm, staying the course and sticking to your long-term strategy is a wise way to deal with such events.
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Disclaimer: It is important to note that the value of investments and the income from them can go down as well as up and that you may get back less than the amount you invested. This article is for informational purposes only and does not constitute financial, tax, or legal advice. Tax treatment depends on individual circumstances and may change. Always seek professional advice before making financial decisions.
This collaboration combines Fairstone’s extensive client base and trusted advisory expertise with J.P. Morgan Asset Management’s global investment capabilities and proven track record, creating an effective partnership to deliver enhanced solutions for UK investors.
The partnership will see Fairstone utilise J.P. Morgan Asset Management’s global equity and global bond capabilities as core components of its new NOVA MPS (Managed Portfolio Service) range. The NOVA MPS will provide institutional-grade investment capabilities to retail clients at institutional pricing, delivering significant value at just 55 basis points.
Set to launch for new clients on 1st March, the range is designed to deliver proven investment solutions at a highly competitive price. Fairstone will seed the new range with over £500m on day one and anticipates that the exceptional quality and price of the offering will drive incremental assets into the Fairstone MPS ranges of £2bn over the next 12 months.
The strategic partnership extends beyond the NOVA MPS range, as Fairstone and J.P. Morgan Asset Management collaborate to develop further product innovations.
Speaking at the launch event, held at J.P. Morgan’s offices on London’s Embankment, Lee Hartley, CEO of Fairstone, commented: “Fairstone Investment Management was established to act as professional buyers of investment solutions, ensuring clients remain at the heart of our approach.
“The NOVA range, managed by Fairstone’s in-house investment management team, will feature segregated mandates run by J.P. Morgan Asset Management as cornerstone solutions. J.P. Morgan Asset Management was selected for their outstanding track record, with 88% of their global mutual fund assets under management outperforming their peers, and for the expertise of their team of over 1,300 global investment professionals.
“To remain the most trusted wealth management company and to continue delivering exceptional service to our 125,000 clients, we recognise the importance of partnering with leading suppliers. In J.P. Morgan Asset Management, we are confident we have found the right partner.”
Claude Kurzo, UK Country Head at J.P. Morgan Asset Management, added: “We’re excited to partner with Fairstone on launching an innovative new MPS solution that is expected to provide strong client outcomes at a very attractive price point. We also look forward to supporting Fairstone in helping their clients achieve their financial objectives, which includes leveraging our Guide to the Markets and training programs to support Fairstone’s advisers.”
Nick Stebbing, Chief Operating Officer at Fairstone, said: “This partnership delivers institutional-grade investing to retail clients, bridging a significant gap in the market. By working with J.P. Morgan Asset Management, we’re able to offer solutions that bring together robust performance and competitive pricing. This collaboration underscores our commitment to ensuring clients benefit from professional-grade strategies that were previously accessible only to large institutions.”
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Fairstone Group has published its latest annual report, highlighting a 32% year-on-year increase in revenue, reaching £154m pro forma fee income in the last quarter of 2023.
In addition, Fairstone has exceeded £17bn of Funds Under Management and announced growth in every single one of its key areas – including client numbers, advisers, recurring income, gross margin, and profits.
Chancellor Jeremy Hunt positioned worker and parental tax cuts at the core of his Spring Budget 2024 in a move to bolster the economy. The most substantial change announced was a 2p reduction in the rate of Class 1 National Insurance paid by employees. This tax cut will be compensated for through tax rises in other areas, including business class airfares, short-term holiday let owners, vapes and tobacco.
By contrast, a few taxes remain unchanged, such as fuel duty and alcohol duty, thereby providing some relief to consumers. In addition, the income limit for parents to qualify for child benefits has been increased, expanding the number of families eligible for this support.
A new initiative, dubbed ‘British ISAs’, has been introduced to stimulate investment in UK companies. These ISAs grant an additional £5,000 tax-free allowance for savings invested domestically.
These moves by Mr Hunt are seen as an attempt to revitalise the economy while addressing key concerns of workers and parents. Our guide to the Spring Budget 2024 summarises the key points announced.
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Chancellor Jeremy Hunt’s commitment in the Spring Budget 2024, he said, was to support Small and Medium Enterprises (SMEs) in the UK to build an economy that fosters a balanced and thriving business ecosystem.
The Budget outlined a number of measures aimed at providing financial relief and promoting growth among these businesses. Mr Hunt announced these proposals, which reflect the government’s strategy to bolster economic growth by empowering SMEs and recognising their crucial role in the UK.
The Recovery Loan Scheme has been renamed as the Growth Guarantee Scheme and extended until the end of March 2026. The scheme offers a 70% government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland.
HMRC has published new guidance around the tax deductibility of training costs for sole traders and the self-employed. This guidance ensures that updating existing skills, and maintaining pace with technological advancements and changes in industry practices, are allowable costs when calculating taxable profits.
The government will increase the VAT registration threshold from £85,000 to £90,000, and the deregistration threshold from £83,000 to £88,000, freezing them at these levels. These changes will apply from 1 April 2024.
The government will legislate to reinstate the previous eligibility criteria to qualify as a high net-worth or sophisticated investor. The government will carry out further work to review the scope of the exemptions.
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Chancellor Jeremy Hunt confirmed a cut in National Insurance Contributions (NICs) in the Spring Budget. The cut, widely trailed in advance of the Budget and applying from 6 April, will cost the Treasury approximately £10 billion a year.
Mr Hunt said this was a further cut worth over £10 billion a year for workers, following the government NICs cut for 29 million workers in the Autumn Statement 2023.
The government is cutting the main rate of employee Class 1 NICs by 2p from 10% to 8% from 6 April 2024. Combined with the 2p cut announced at Autumn Statement 2023, the Chancellor said this will save the average worker on £35,400 over £900 a year.
The government is also cutting a further 2p from the main rate of self-employed Class 4 NICs on top of the 1p cut announced at Autumn Statement 2023. This means that from 6 April 2024, the main rate for the self-employed will now be reduced from 9% to 6%. Combined with the abolition of the requirement to pay Class 2, the Chancellor announced that this will save an average self-employed person on £28,000 around £650 a year.
The Chancellor commented that the combined effects of these reductions to NICs also mean that a person on the average wage now has the lowest effective personal tax rate since 1975.
The Office for Budget Responsibility (OBR) forecasts that, as a result of the reductions to NICs at the Spring Budget, total hours worked will increase by the equivalent of almost 100,000 full-time workers by 2028/29. Combined with the impact of the NICs cuts announced at the Autumn Statement 2023, the OBR expects that total hours worked will increase by the equivalent of around 200,000 full-time workers by 2028/29.
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Chancellor Jeremy Hunt, in the Spring Budget 2024, laid out plans for the financial system, focusing on savings and pension funds. He announced this to support British growth and individuals in securing their financial future.
Overall, Mr Hunt said, these measures underscore the government’s commitment to promoting long-term financial wellbeing for the UK’s citizens.
The government has announced that National Savings & Investments (NS&I) will launch a product which will offer consumers a guaranteed interest rate, fixed for three years. This product will increase savings opportunities available to consumers in the UK and will be brought on sale in early April 2024.
Mr Hunt unveiled that the British ISA will come in the form of an extra £5,000 tax-efficient allowance to encourage retail investment in UK-listed companies. This is in addition to the current £20,000 that can be subscribed into an ISA. The Chancellor said those opening British ISAs would ‘benefit from the growth of the most promising UK businesses’.
The government intends to deliver a sale of part of its NatWest shareholding to retail investors. A sale would take place this summer at the earliest, subject to supportive market conditions and achieving value for money for the taxpayer. Further information will be made available on gov.uk.
The government intends to fully exit its shareholding in NatWest Group by 2025/26, subject to supportive market conditions and sales representing value for money.
The government has confirmed that it remains committed to exploring a lifetime provider model for Defined Contribution (DC) pension schemes in the long term. The government will undertake continued analysis and engagement to ensure that this would improve outcomes for pension savers, and build on the foundations of reforms already underway, including the Value for Money Framework.
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THIS ARTICLE REPRESENTS THE VIEWS OF THE ADVISER AND DOES NOT CONSTITUTE AS FINANCIAL ADVICE.
As we eagerly anticipate Chancellor Jeremy Hunt’s impending announcement of the Spring Budget on Wednesday, the economic landscape paints a cautious picture. With a rise in gilt yields and a challenging economic outlook, the scope for significant giveaways appears limited. However, despite this constraint, there’s still anticipation surrounding potential measures that could shape fiscal policy.
Independent financial adviser, Matt Jeffery, shares his thoughts on what we can expect
It’s widely speculated that the Chancellor may reserve the most ambitious and costly measures for later in the year, possibly aligning them with an Autumn Statement or an election manifesto. Key areas of focus include national insurance and inheritance tax, which are under scrutiny as we approach the Budget announcement.
Compliance with fiscal rules remains paramount for the government, with a set of self-imposed guidelines dictating limits on debt and government borrowing as a proportion of GDP over a five-year horizon. While the Chancellor is expected to meet these rules, there persists a level of scepticism among economists regarding the true health of UK public finances.
Analysts note that the Chancellor is navigating with a significantly reduced fiscal headroom compared to his predecessors. Despite an estimated £15bn of headroom against fiscal rules, this pales in comparison to the historical average, indicating a tighter fiscal environment. Forecasts suggest that even a modest £10bn giveaway could offer a marginal lift to economic growth, albeit with potential inflationary implications.
Regarding potential changes, attention is drawn to income tax and National Insurance. While there’s room to manoeuvre, any significant reductions in income tax would pose substantial costs. Instead, the government is reportedly considering a reduction in employee national insurance, balancing fiscal constraints with targeted relief.
Inheritance tax reform remains a contentious issue, with speculation abound regarding potential abolishment or adjustments to thresholds. However, given its relatively modest contribution to the tax revenue and its limited impact on a minority of estates, significant changes may be deferred to a later date.
Discussions also revolve around potential Isa changes, including the introduction of a ‘British Isa’ and reforms to the Lifetime Isa. Additionally, housing market dynamics could feature prominently, with considerations for stamp duty cuts and the possibility of a 99 percent mortgage scheme to stimulate home buying.
In summary, while the Chancellor faces fiscal constraints, there remains a degree of flexibility to enact targeted measures aimed at navigating the economic challenges ahead. As we await the Budget announcement, it’s essential to stay attuned to developments that may shape the financial landscape in the coming year.
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