Tell us about suspected consumer credit lending fraud and learn about our Information from Lenders (IFL) scheme.
When to refer a case to the FCA
Tell us if you know or suspect someone in the groups below has acted fraudulently:
- intermediaries
- credit brokers
- dealers
It’s helpful to send us fully investigated cases in which the complicity of the credit broker in the fraud has been proved. However, we recognise it can be difficult for lenders to complete a detailed investigation in every case.
Do not use the IFL form to report the following:
- Unauthorised credit brokers carrying out regulated activity.
- Credit brokers being reinstated to a lender’s panel.
Contact us directly[2] to report these.
How to make a referral
Download and complete the consumer credit reporting form[3].
Email the form to [email protected].
(There's a different form to report mortgage fraud[4].)
For legal reasons, we may not always be able to share details of investigations.
If you wish to discuss general fraud and financial crime prevention at your firm, contact your FCA supervisor or our helpline for firms[2].
What to tell brokers: panel removals
If you remove a broker from your panel, you do not have to tell it that you’ve informed us about the removal.
Brokers should already be aware that lenders have a responsibility to inform us under Principle 11[5] in our Handbook.
It may also be smoother for us to speak directly with the broker.
How IFL works
The IFL scheme is voluntary, but we expect you to help us win the fight against financial crime.
The scheme was launched for consumer credit lending in February 2019.
The scheme helps your firm and others in the industry fight fraud. It also reduces the chance of your firm being used to commit financial crime or facing a loss because of it.
To learn more about the IFL scheme’s impact in the mortgage sector, see our page for lenders on reporting mortgage fraud[4].
What we expect from lenders
You are responsible for making sure your business is not vulnerable to fraud – whether you are exposing it to unscrupulous customers or organised financial fraud gangs.
All lenders should:
- Have robust and proportionate resources, systems and controls in place so you can identify, detect and prevent credit intermediary fraud;
- Make fraud detection and prevention a key part of your business;
- Have senior management functions that are responsible for managing fraud risks and overseeing, owning and regularly reviewing the control framework’s effectiveness.
To get credit from lenders, fraudsters and rogue credit brokers use their experience and knowledge of:
- The market.
- Differing lending criteria.
- Variants of the checks and balances in the underwriting process.
You must make sure your firm is not targeted only because of easily exploitable flaws in your processes.
We hold lenders responsible for weak fraud controls. We will pursue any poor systems and controls by supervising more intensively and using enforcement action where appropriate.
Report to other organisations
We expect lenders to report fraud directly to other relevant organisations if you think your intelligence is serious. As well as the FCA, consider reporting to:
- HMRC
- Action Fraud
- Trading Standards
