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Flipping Cars Ltd offered its services to customers via a website https://flippingcars.co.uk/ which is now being used by My Car Broker Ltd. Customers of Flipping Cars Ltd and My Car Broker Ltd may have been asked to pay a fee or a payment in advance, or in some cases both.
Flipping Cars Ltd agreed with the FCA, under a voluntary requirement, it would no longer take any advance payments from customers for sourcing or purchasing vehicles on their behalf. It also agreed that it would no longer accept any fees from new or existing customers, or arrange for them to pay any fees to others. Flipping Cars Ltd also agreed that it would no longer carry out any of the regulated activities that it is authorised for without the FCA’s prior agreement, and that that it would publish the notice below on the website https://flippingcars.co.uk/:
“Flipping Cars Limited (FCA FRN 728789, Company no. 09592739) must not, without the prior written consent of the FCA, carry out any regulated activities for which it has Part 4A permission. This means Flipping Cars Limited cannot: carry out credit broking, give advice to a customer about the settlement of a debt due under a credit agreement or consumer hire agreement, or take steps on behalf of a customer to settle a debt due under a credit agreement or consumer hire agreement. Flipping Cars Limited must not take any payment in advance, in full or in part, from a customer towards the sourcing or purchase of assets(s) by Flipping Cars Limited or any other third party on the customer’s behalf. Flipping Cars Limited must not accept any fees from any new or existing customers, or arrange that any fees are paid to any other person by any new or existing customer.”
No other entity connected to Flipping Cars Ltd or its director, Chris Laing, holds any form of FCA authorisation to conduct any regulated activity. This includes My Car Broker Ltd.
Any fees and payments in advance made to Flipping Cars Ltd and My Car Broker Ltd are not protected by the FCA or FSCS. Customers who are concerned about payments can contact our Consumer Helpline on 0800 111 6768 or use our contact form, or contact Action Fraud on 0300 123 2040 or via their website.
Checking whether a firm is authorised, what activities it can do and how customers are protected
A firm may be authorised by the FCA, but this does not mean all of the firm’s business activities are regulated by the FCA. You can search our Financial Services Register to check whether a firm is authorised, and what activities it can carry out that the FCA regulates. You can also see whether you can make a claim through the Financial Services Compensation Scheme if a firm fails. If a firm claims it is FCA authorised or that money paid to it is protected, check the Financial Services Register and if you are unsure contact our Consumer Helpline on 0800 111 6768 or use our contact form.