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UK households are being targeted by ruthless fraudsters posing as the Financial Conduct Authority in a scam that is stripping people of their savings, a money expert has warned.

"One of the most worrying developments we’re seeing right now is fraudsters impersonating the Financial Conduct Authority," said Joe Smithies, money expert at PennyPlan . "They’re exploiting the trust people naturally have in the regulator to trick them into handing over savings, pensions, and even personal security details.

"In just the first six months of this year, thousands of reports have been filed about FCA impersonation scams. And remember, those are only the cases where people both realised they’d been targeted and came forward. The true scale of the problem will be far larger."

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