The UK Financial Conduct Authority (FCA) believes that consumers should be wary of dealing with OneCoin, which claims to offer the chance to make money through the trading and ‘mining’ of virtual currencies. OneCoin markets itself as ‘a digital currency, based on cryptography’. It claims to have a finite amount of currency units which means…
Read moreUK financial regulator Financial Conduct Authority (FCA) has issued its latest warning against an unregulated financial services provider targeting UK consumers. The FCA’s latest warning is against the firm Watkins Consultancy Ltd. The company is not authorised by the FCA but has been targeting people in the UK: Watkins Consultancy Ltd Address: 1 New York Plaza,…
Read moreThe Financial Conduct Authority (FCA) has published a Decision Notice in respect of Mr Andrew Tinney, formerly Chief Operating Officer of Barclays Wealth and Investment Management (BWA). This sets out the FCA’s finding that Mr Tinney should be publicly censured and banned from carrying out any senior management or Significant Influence Functions in any regulated…
Read moreUK financial regulator the Financial Conduct Authority (FCA) has issued a warning regarding unlicensed clone loan firm Homeowner Loans/ Advantage Leads. The FCA believes that: Fraudsters are using the details of firms registered to carry out financial services activities to try to convince people that they work for a genuine, registered firm." The FCA warns:…
Read moreThe Financial Conduct Authority (FCA) has today fined Towergate Underwriting Group Limited (Towergate) £2,632,000 for failings in relation to its protection of client and insurer money. Towergate, an insurance intermediary which holds both client and insurer money, accumulated a shortfall of £12.6 million in its client and insurer money bank accounts which, due to systems…
Read moreHaving a stable website with good design is crucial for any business and institution nowadays – that is an obvious statement to make, especially in the FX industry where IT issues make the difference between “make it” and “break it”. This must be the main idea for the UK Financial Conduct Authority (FCA), which is…
Read moreThe Forex industry has been increasingly targeted by clone firms, that is, unauthorized companies that emulate the data, including names, websites, etc., of licensed entities, in order to easily defraud investors. The UK Financial Conduct Authority (FCA) is amid the regulators that actively warn against this practice. The watchdog published a special announcement yesterday regarding…
Read moreThe UK Financial Conduct Authority (FCA) has reported a sharp rise in reports about unauthorised trading and brokerage firms. The complaints from consumers concern firms offering trading in foreign exchange, contracts for difference, binary options and other commodities. A common feature of such companies is that they promise artificially high returns and often mention “guaranteed…
Read moreShould the FCA treat small businesses more like 'regular' retail consumer in providing them protection in the financial services arena?
Read moreThe Financial Conduct Authority (FCA), the UK regulator responsible for the oversight of investment firms offering their services in the country, today published a warning against Sunbird FX c/o Spring Empire Solutions Limited. The company, whose website states that it has an address in the UK, is not registered with the FCA, the regulator warns.…
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