Update on the independent investigation into London Capital & Finance

On Thursday 28 March the FCA Board decided that there should be an investigation by an independent person into the issues raised by the failure of LC&F. FCA Chair Charles Randell wrote to the Economic Secretary to the Treasury, John Glen MP, to inform him of this decision.

Commenting on the announcement, Charles Randell, FCA Chair said:

‘This investigation will establish what happened with LC&F and whether further changes are required. It will support the broader review of mini-bond regulation. Dame Elizabeth Gloster brings independence and extensive experience to the task, and the FCA will ensure that she has all the access and support she needs to conclude her work as quickly as possible.’

The FCA will also contribute to the other reviews announced by the HMT in relation to mini-bonds and similar securities. This work is important to ensure that the scope and form of regulation provides effective protection for consumers.

Further information

Direction requiring the FCA to investigate events at London Capital and Finance

1 April 2019: FCA statement on London Capital & Finance

2 April 2019: Letter to Rt Hon Nicky Morgan MP Chair of the Treasury Select Committee on LC&F (PDF)

#

Source link

Earn $5,000 A MONTH From Home! Click Here



World FXM/WorldFXM (trading name of CHO Development Limited)

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

World FXM/WorldFXM (trading name of CHO Development Limited)

Address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; LinkGM EooD 28 Jawaharlal Neru Blvd., Silver Business Centre, office 24, Sofia, Bulgaria

Telephone: 020 3332 0870, 02038078704, 020 38073466

Email: [email protected]

Website: https://worldfxm.com

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report an unauthorised firm

If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our reporting form.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



FCA wins case against unauthorised forex firm

Consumers gave money to Xcore in return for a 6% annual return. They were led to believe that Xcore would be trading their money on forex and equity markets. However, the majority of this money was instead used to fund an office in Mayfair, brokers’ wages and Mr Chitty’s lifestyle. Mr Chitty’s personal spending included £102,000 on cryptocurrencies, £58,000 on luxury goods, £24,000 on a Rolex watch and £20,000 towards his wedding.

The Order declares that Xcore ran a deposit taking scheme without the necessary authorisation by the FCA, and that Jonathan Chitty was knowingly concerned in the scheme. It further requires Xcore and Mr Chitty to pay the FCA £917,231 which is the full value of all outstanding sums owed to consumers. The FCA will distribute to consumers any funds it is able to recover from Xcore and Mr Chitty.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:

‘Prompt action by the FCA stopped this scheme in its tracks and prevented victims incurring much greater losses.

‘Consumers should be especially wary when contacted out of the blue about an investment opportunity, and about financial services firms offering investment opportunities without FCA authorisation. If they’re not authorised, it’s probably a scam.’

On 20 November 2018, following an application by the FCA, a Judge in the High Court had previously imposed a freezing order on Xcore and Jonathan Chitty’s assets, and ordered to stop selling investments regulated by the FCA. This order remains in place until further order of the Court.

Notes to editors

  1. A freezing order and injunction was obtained against Xcore and Mr Chitty on 20 November 2018.
  2. The Order of the High Court (by consent) was made on 14 May 2019. The Order declares that Xcore has breached Section 19 of the Financial Services and Markets Act 2000 and that Mr Chitty is knowingly concerned in these breaches. The Order also provides for the FCA’s costs to be met by Xcore and Mr Chitty.
  3. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has 3 operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  4. Find out more information about the FCA.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Statement on the launch of the finalised CTI templates

Christopher Woolard, Executive Director of Strategy and Competition at the FCA commented: 

‘This was a key remedy of the FCA’s asset management market study and is a positive final step completing the work of the Institutional Disclosure Working Group (IDWG). Institutional investors are now provided with the tools to give them a clearer and more detailed understanding of the charges of their investments. It is good to see investors working with industry to design a framework that can be a success for all.

‘We are keen to see the positive momentum on greater transparency continue. We will be watching to see asset manager and service provider uptake which should ultimately lead to better investor outcomes. We are also pleased with the CTI’s ambition and welcome their intention to extend the standards into asset classes and service types not yet tackled. We would like to thank all of those who have participated in the Initiative to get it to the point of launch.’

The FCA continues in its role as an observer on the CTI Board. We will reconsider the issue of disclosure to institutional investors in the future if we have any reason to be concerned about the effectiveness of the CTI.

Background

On 7 November 2018, the Cost Transparency Initiative was launched. The CTI is an independent group working to improve cost transparency for institutional investors with the responsibility for progressing the work already undertaken by the IDWG. The CTI is supported by Pensions and Lifetime Savings Association (PLSA), Investment Association (IA) and Local Government Pension Scheme Advisory Board (LGPS SAB) and was recommended as part of the IDWG’s report to the FCA on 15 June 2018. The IDWG was set up to support consistent and standardised disclosure of costs and charges to institutional investors.

The main focus of this Initiative been on the provision of helpful information to assist institutional investors by detailing what costs they are paying. It has not focused specifically on creating a method of delivering compliance with MiFID and other requirements. However, the standards have been designed to be aligned with relevant disclosure obligations where appropriate. So, while firms must continue to ensure that they individually meet all relevant regulatory requirements, if templates are completed in a comprehensive and accurate way, including all costs and associated charges, the information in the templates should assist firms in meeting those requirements.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Goodman Logisassure (clone of authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Goodman Logisassure (clone of FCA authorised firm)

Website: www.glinvestmentsltd.com

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Goodman Logisassure (France)

Firm Reference Number: 836697

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Phoenix Capital SPRL (clone of authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Phoenix Capital SPRL (clone of FCA authorised firm)

Address: Nuffield House, Piccadilly, London, W1J 0DS, United Kingdom

Telephone: 0208 895 6930

Email: [email protected] 

Website: http://www.phoenixsprl.com/index.php 

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Phoenix Capital SPRL

Firm Reference Number: 799478

Address: Rue Victor Hugo 97, B-1410 Waterloo, Belgium

Email: [email protected]

Website: www.phoenix-cap.com 

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Over £27 million reported lost to crypto and forex investment scams

The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms. This warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over £27 million in total in 2018/19.

How the scams work

Fraudsters often use social media to promote their ‘get rich quick’ online trading platforms. Posts often use fake celebrity endorsements and images of luxury items like expensive watches and cars. These then link to professional-looking websites where consumers are persuaded to invest.

Investors will often be led to believe that their first investment has successfully made a profit. The fraudster will then contact the victim to invest more money or introduce friends and family with the false promise of greater profits. However, eventually the returns stop, the customer account is closed and the scammer disappears with no further contact. 

Action Fraud reports show that on average, victims were each scammed out of £14,600 from forex and crypto scams in 2018/19.

Raising awareness

As part of the FCA’s ScamSmart campaign the FCA will be running advertising to raise awareness of online trading scams. Running on social media, the ScamSmart adverts aim to make consumers more sceptical of ‘get rich quick’ trading scams promoted online.

Supported by the City of London Police, the FCA’s ScamSmart campaign encourages those considering an investment to check its dedicated website for tips on how to avoid investment fraud.

Director of Action Fraud, Pauline Smith, said:

‘These figures are startling and provide a stark warning that people need to be wary of fake investments on online trading platforms. It’s vital that people carry out the necessary checks to ensure that an investment they’re considering is legitimate.

‘Action Fraud is pleased to be partnering with the FCA to raise awareness of online trading scams, and we hope it will help prevent more people falling victim. Remember, if you think you have been a victim, contact Action Fraud.’

Mark Steward, Executive Director of Enforcement and Market Oversight, FCA, said:

‘We’re warning the public to be suspicious of adverts which promise high returns from online trading platforms. 

‘Scammers can be very convincing so always do your own research into any firm you are considering investing with, to make sure that they are the real deal. Before investing online find out how to protect yourself from scams by visiting the ScamSmart website, and if in any doubt – don’t invest.’

Stay safe when scrolling

  • Don’t assume it’s real – professional-looking websites, adverts or social media posts don’t always mean that an investment opportunity is genuine. Criminals can use the names of well-known brands or individuals to make their scams appear legitimate. 
  • Stay in control – avoid uninvited investment offers whether made on social media or over the phone. If you’re thinking about making an investment, thoroughly research the company first and consider getting independent advice. 
  • Make the right checks – Firms providing regulated financial services must be authorised by the FCA. You can check whether they are authorised on the Financial Services Register. Use the contact details on the Register, not the details the firm gives you, to avoid ‘clones’.
  • Every report matters – If you have been a victim of fraud or cyber crime, report it to Action Fraud.

Notes to editors

  1. Cryptoassets is a broad term covering many different types of products. The most popular forms of cryptoassets include tokens like ‘Bitcoin’ and ‘Litecoin’. The FCA call these ‘exchange tokens’ but they are sometimes referred to as ‘cryptocurrencies’, ‘cryptocoins’, or ‘payment tokens’. Find out more about our approach to cryptoassets.
  2. Action Fraud data for forex and crypto investment scams. All losses have been taken from the field ‘amount given’ and ‘incurred losses’ on the Action Fraud reports which is not quality assured, therefore may contain errors when input by the victim. The data in the reports can be updated at any time by the victim on the live AF reporting tool, therefore losses for fraud can change.
    • No of reports = 530 (FY 2017/18)
    • No of reports = 1,834 (FY 2018/19)
    • Average loss = £14,600 (FY 2018/19)
    • Total loss = £27,366,127 (FY 2018/19)​​​​​
  3. Find out more information about the FCA.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Capital Tech Limited t/a PBN Capital

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

Capital Tech Limited t/a PBN Capital

Address: Ajeltake Road, Ajeltake Island, Majuro Republic, Marshall Islands

Telephone: +41435500292

Email: [email protected], [email protected] 

Website: http://pbncapital.com

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report an unauthorised firm

If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our reporting form.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



hksvf (clone of authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

hksvf (clone of FCA authorised firm)

Telephone: hksvf

Email: [email protected]

Website: http://www.hksvf.com/en/

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Finsa Europe Ltd

Firm Reference Number: 525164

Address: 9th Floor, 30 Crown Place, London, EC2A 4ES 

Telephone: +442033010483

Email: [email protected]

Website: www.finsaeurope.com 

Details of the linked company the clone website is claiming an association with:

Name: Finsa Pty Ltd

Address: Level 13 Macquarie House, 167 Macquarie Street, Sydney, NSW 2000, AUSTRALIA

Telephone: +61 280 466 472

Website: www.finsa.com.au

Australian Financial Services Number: 422661

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

#

Source link

Earn $5,000 A MONTH From Home! Click Here



Treasury Consulting Group | FCA

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

Treasury Consulting Group

Telephone: 08708200095, 02033188044

Email: [email protected]

Website: www.treasuryconsultinggroup.com

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report an unauthorised firm

If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our reporting form.

#

Source link

Earn $5,000 A MONTH From Home! Click Here