FSA warns of increased risk of falling victim to a scam during cost of living crisis

Financial regulator fears some could turn to unregulated money lenders and high-risk products

The Island's financial regulator fears the cost of living crisis may be making some Manx residents more vulnerable to fraud and scams.

The Isle of Man Financial Services Authority is offering support and guidance to those who may be experiencing a change in their financial circumstances.

The authority's remit includes ensuring consumers are protected, and as a result it's urging locals to protect themselves against bad practice.

The FSA warns the current financial climate may make some more likely to fall victim to a scam, while others may be tempted to indulge in riskier behaviour, such as borrowing from unregulated money lenders or investing in high-risk products.

Those who are thinking about cutting back on pension contributions or payments into savings plans are urged to contact their provider before taking action as the FSA says this could have a detrimental long-term impact.

Further advice for consumers can be found on the FSA's website.