Trading Standards is warning everyone across the country to expect an increase in loan sharks and doorstep energy sellers as a result of the cost of living crisis.
The crisis will lead to opportunities for fraudsters to exploit a financially desperate public, especially the most vulnerable, the Chartered Trading Standards Institute (CTSI) said. Some of the likely consequences include an increase in loan shark activities and energy tariff mis-selling on the doorstep, alongside other “questionable money-saving schemes”.
The CTSI’s warning follows Ofgem raising its energy price cap by 54% or £693 from April 1, while the Bank of England reported that UK inflation rose to 5.5% in January - the highest rate since March 1992.
