The Financial Conduct Authority (FCA) typically receives an increase in reports of loan fee fraud over the festive period.

Loan fee fraud happens when someone pays a fee for a loan they never receive – and the FCA is concerned that rising financial stress could place more people at risk of scammers’ tactics this year.

An often-used tactic by loan fee fraudsters is to pressurise people who are seeking quick access to cash – but those falling victim stand to lose £260 on average.

The regulator said such scams have already increased in frequency in the past year, with the number of cases reported rising by around a fifth (21%) between November 2021 and October 2022 compared with the same period a year earlier.

The FCA is asking people to check its register if they are asked to provide an upfront payment for a loan.

It found that nearly two-thirds (64%) of consumers are unaware what loan fee fraud is.

Mark Steward, executive director of enforcement and market oversight, FCA, said: “This Christmas period is going to be tough for many consumers, and those who have been hardest hit by the rising cost of living will understandably be anxious about meeting the additional expenses that Christmas brings.

“Some consumers may be tempted to take out loans to meet these extra costs. Unfortunately, this is where loan fee fraud scammers and illegal lenders see an opportunity.

“At a time of heightened stress and pressure, scammers and illegal lenders will rush consumers into bad decision-making.

“Be aware of red flags – such as being asked for a fee or being asked to pay in an unusual way. And if you are considering taking out a loan, please pause and check the FCA’s Register to make sure you are dealing with a legitimate lender. Don’t let scammers be the ones enjoying your Christmas this year.”

Here are some warning signs of potential loan fraud, according to the FCA:

– Having made several loan applications online, you are then contacted out of the blue by text, email or phone and offered a loan.

– Being asked to make an upfront payment into a bank account, or transfer money via an unusual method.

– Scammers may claim that the fee is refundable and will be used as a deposit, administrative fee, insurance, or because of bad credit history.

– You may be put under pressure to pay the fee quickly.

– Once the first payment has been made, the scammer might contact you again to ask for more payments before they can give you the loan.

– Even though you make the payments, you never receive the loan.

Kincora Copper Limited (TSXV: KCC) (ASX: KCC) Kincora or the Company) is pleased to announce it has received binding commitments from unrelated professional and sophisticated investors for a A$2.4 million capital raising (before costs) (Placement).

President & CEO, Sam Spring, and Chairman, Cameron McRae, commented:

“Following the oversubscribed offering Kincora is well funded and

positioned to commence a high impact and high conviction drilling

program. This will initially commence at our brownfield Trundle porphyry

project in January.

The program is focused on testing more and shallower targets. In total,

drilling 13 standalone targets across 5 projects, including 5 targets at

Trundle, that all offer significant scale copper-gold discovery potential.  

We are delighted with the very strong backing received and thank those

existing and new shareholders who participated.

The quantum and nature of support from shareholders, including all

directors, in the offering adds substance to Kincora’s high conviction for

very significant results across the NSW portfolio and potential for major

new porphyry discoveries at the Trundle project. “

The funds raised will primarily be used for drilling activities focused on shallow porphyry targets across the Company’s portfolio of priority projects in the Lachlan Fold Belt, NSW. These include testing 13 prospects across 5 projects, comprising:

• Diamond drilling at the Trundle project, scheduled to commence in January 2023;
• Diamond and RC drilling at the Condobolin project;
• Diamond drilling at the Nevertire project (with existing NSW government cooperative funding grant support);
• Diamond drilling at the Nyngan project (with existing NSW government cooperative funding grant support); and,
• Aircore drilling at the Fairholme project.

Separately, maiden exploration programs are expected to commence at the Cundumbul project under, and funded by, the exploration alliance agreement with Earth AI (see the October 6, 2022, press release “Alliance with Artificial Intelligence Explorer for Cundumbul project” for further details).

Furthermore, the Company continues to seek to extract appropriate value from its wholly owned Mongolia asset portfolio, which includes a large JORC resource on an existing mining license at the Bronze Fox project.

The Joint Lead Managers and Bookrunners for the Placement were Bridge Street Capital Partners and Morgans Corporate.

The Placement will result in the issue of up to 43,636,364 ordinary shares (represented by CDIs) at a price of A$0.055 per share (the equivalent Canadian share price of $0.05) of which 28,703,570 ordinary shares will be issued in a first tranche under the Company’s placement capacity under ASX listing rule 7.1 (16,420,352 shares) and ASX Listing Rule 7.1a (12,283,218 shares) and 14,932,795 ordinary shares subject to shareholder approval which is expected to be sought at a general meeting proposed to be held in January 2023.

The issue price of A$0.055 per share represents a 20.3% discount to last close (December 7, 2022) and a 15.2% discount to the 15-day VWAP.

Settlement of the Placement is expected to occur on December 15, 2022, with Placement shares expected to be allotted (pursuant to Listing Rules 7.1 and 7.1A) and to commence trading on December 16, 2022. An Appendix 2A confirming the exact allotments will be issued on the same date.

The Company’s total issued ordinary shares outstanding post the first and second tranche issuances is anticipated to be 166,471,542.

This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

The Trundle Project is located in the Junee-Narromine volcanic belt of the Macquarie Arc, less than 30km from the mill at the Northparkes mines in a brownfield setting within the westerly rift separated part of the Northparkes Igneous Complex (“NIC”). The NIC hosts a mineral endowment of approximately 24Moz AuEq (at 0.6% Cu and 0.2g/t Au) and is Australia’s second largest porphyry mine comprising of 22 intrusive porphyry discoveries, 9 of which with positive economics.

The Trundle Project includes one single license covering 167km² and was secured by Kincora in the March 2020 agreement with RareX Limited (“REE” on the ASX).

For further information on the Trundle and Northparkes Projects please refer to Kincora’s website:  https://kincoracopper.com/the-trundle-project/

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

The information contained in this announcement related to past exploration results of the Company is extracted from, or was set out in:

• the ASX release made by the Company on October 27, 2022, titled “Trundle Project Presentation“ which included a competent person statement from Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), is Exploration Manager Australia for the Company; and,
• the ASX release made by the Company on July 18, 2022, titled “Highest grade assays to date from Trundle’s Southern Extension Zone discovery“ which included a competent person statement from Paul Cromie.

The Company confirms that it is not aware of any new information or data which materially affects the information included in the original market announcements.

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose of NI 43-101.

A year after researchers at

Morningstar Inc.

MORN -1.30%

recommended a spending cut, the move back to something close to a 4% spending rate makes retirement more feasible for those considering it. 

“It’s counterintuitive, but when valuations are high, it is the worst time to retire,” said Morningstar personal finance director

Christine Benz,

a co-author of research released last year that recommended that people taking a first withdrawal in 2022 keep it to 3.3% due to expectations for lower future investment returns.

In a report released Monday, Ms. Benz and her co-authors say current market conditions now allow for a 3.8% spending rate for new retirees with a 30-year horizon. The reason: Today’s lower stock and bond valuations support expectations for higher future investment returns than was the case last year.

The recommended withdrawal rate for new retirees varies from one year to the next, rising and falling with thousands of simulations of future market conditions.

Using Morningstar’s updated 3.8% spending recommendation, someone who retires today with a $1 million portfolio with 50% in stocks and 50% in bonds would spend no more than $38,000 in 2023.

Assuming inflation rises 5% next year, the investor would increase annual income by that same percentage to $39,900 in 2024, regardless of the market’s performance. (For many new retirees, the amount in year one may be similar to what they would have taken as a withdrawal had they retired a year ago and used the lower spending rate on a higher account balance.)

“If you are thinking about retiring, you can use 3.8% as a test of the viability of the withdrawal you are considering,” said Ms. Benz, adding that retirees who are willing to cut their spending when the markets fall can start slightly above 3.8%.

For example, the report said new retirees willing to forego inflation adjustments in any year following portfolio losses can withdraw 4.4% to start and still have a 90% chance of not running out of money over 30 years.

Those already retired should stick with the recommended withdrawal amount they started with, rather than switch to 3.8%.

Someone who retired a year ago with $1.2 million and used the 3.3% withdrawal rate Morningstar recommended at the time would have spent $39,600 this year. Assuming inflation rises 7% for the full year, the method allows for raising that spending to $42,372 in 2023.

But Ms. Benz said people who retired last year and want a high degree of certainty their money will last should consider taking a smaller inflation raise or foregoing an increase altogether if they can afford to.

Ms. Benz said last year’s 3.3% recommendation may have been too high, due to the convergence of simultaneous declines in stocks and bonds and high inflation, a combination that is especially challenging for new retirees.

When inflation is high, withdrawals made under the 4% rule’s method grow significantly. And when bear markets occur, retirees have to take money out of a portfolio that is shrinking.

Both situations mean the portfolio has to earn a higher return to prevent depletion and can be especially dangerous early in retirement because most retirees need their savings to last decades.

Four percent is the historic starting spending rate that would have protected retirees from running out of money in every 30-year period since 1926, even when economic conditions were at their worst, according to retired financial planner Bill Bengen, who devised the 4% rule in 1994.

Mr. Bengen’s research indicates that the worst 30-year period in which to retire started on Oct. 1, 1968, due to the relatively anemic investment returns and high inflation that prevailed for much of the 1970s.

A 3.8% withdrawal rate is most reliable for portfolios with 30% to 60% in stocks and the rest in bonds, according to Morningstar.

If you invest less than 30% in stocks, your returns may be insufficient to support a 3.8% inflation-adjusted withdrawal for 30 years. With more than 60% in stocks, there is greater risk portfolios may lose so much during a bear market that they won’t be able to recover.