MAY
07

Blue Hill Capitals (clone of authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

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© FCA

MAY
07

Provident Consultants Ltd

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Copyright

© FCA

MAY
07

Secured Energy Bonds plc - options for investors

Issuing mini-bonds is not a regulated activity, so firms issuing mini-bonds do not need to be authorised by the FCA; we did not regulate SEB.

Mini-bonds

A mini-bond is an unlisted debt security, typically issued by small businesses to raise funds.

Mini-bonds can be attractive to investors because of the interest rates on offer. However, prospective investors need to understand the associated risks. Mini-bonds are usually illiquid as they are not transferable, unlike listed retail bonds, which they are often compared to. They can also be high risk, as the failure rate of small businesses can be high. Additionally, as with the issue of other non-transferable corporate bonds, there is no Financial Services Compensation Scheme (FSCS) protection if the issuer fails. This, together with the fact that SEB was not authorised, means that the FSCS does not cover claims against SEB.

The FSCS may only compensate protected types of claim against authorised firms. If the defaulting firm generated protected claims, e.g. from arranging deals in investments, the FSCS could compensate eligible claimants, provided all relevant criteria are met.

Independent Portfolio Managers Ltd (IPML) – in liquidation

An authorised firm must generally approve the financial promotions in respect of investments, including mini bonds.

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MAY
07

Weighing the value of data – trade-offs, transparency and competition in the digital marketplace

Speaker: Robin Finer, Acting Chief Economist
Location: The Value of Data, Competition, and Financial Services, Respublica conference, London
Delivered on: 7 May 2019

Highlights:

  • Data can have economic value for the consumer – it is a personalised input that reduces search costs and helps individuals to obtain products and services that better match their needs. 
  • While consumers have difficulty understanding the value of their own information, the value of data to firms is augmented by their ability to combine data sources on individuals and then aggregate across consumers. The better they are at this, the more they’ll attract new business and more information.  
  • By increasing our understanding of these markets and the role and value of data, we can help empower consumers to choose what to share, where, and for what, as well as informing debates about how to deal with technology firms’ market power.

Note: this is the speech as drafted and may differ from the delivered version.


Introduction

We can’t move for technology and data these days – it’s in our homes and on the news, on our wrists and in our pockets.

There has also been huge focus, from high political office to serious antitrust allegations, on the growth of the large technology companies, how they've reached that position and what impact that will have going forward. Discussions about the consequences of their growth and the market power they hold have made headlines around the world. 

Discussions about the consequences of their growth and the market power they hold have made headlines around the world.

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MAY
07

Blanc and Beaufort Brokerage (clone of EEA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out more about this ‘clone firm’. 

Copyright

© FCA

MAY
07

FCA changes mortgage advice rules to encourage consumer choice

The Financial Conduct Authority (FCA) has today published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage.

Copyright

© FCA

MAY
03

Auto Pawn Sale

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Copyright

© FCA

MAY
03

BOARD DECISIONS: CySEC Decision for the imposition of an administrative fine to CIF Goldenburg Group Ltd

BOARD DECISIONS: CySEC Decision for the imposition of an administrative fine to CIF Goldenburg Group Ltd

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© CySEC

MAY
03

FCA launch the Financial Services Regulatory Partners Phoenixing Group

Representatives of the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service, the Insolvency Service and Scotland’s Accountant in Bankruptcy joined the FCA to discuss approaches to tackling phoenixing and how they can work together more closely in the future by more effectively sharing data and intelligence on individuals and firms.

Phoenixing in this context involves firms and individuals deliberately seeking to avoid their liabilities to consumers or poor conduct history by closing down firms – or resigning senior positions – only to re-emerge in a different legal entity. The practice can have a devastating impact on the individual consumers concerned and a knock-on effect on the wider economy.

Whilst the partners have shared information and discussed phoenixing in the past, this is the first time that they have come together as a group and in a formal way to discuss and agree to work together to tackle the issue. Sharing data on issues such as FSCS claims, complaints, unpaid Financial Ombudsman Service awards and director disqualifications is proving highly effective in preventing and detecting instances of phoenixing and in helping the FCA build cases to refuse applications for authorisation. Expanding on the types of data and information shared through the working group can only improve on this.

Sarah Rapson, Director of Authorisations at the FCA, said:

‘We have a shared responsibility to protect consumers and by working closely together we can prevent firms and individuals from deliberately avoiding their liabilities.’

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© FCA

MAY
03

BTM Global Investment

Investment Caution: BTM Global Investment

 Please note that subscribers to our news release alerts may experience a technical issue with the emails they receive from us.
We appreciate your patience as we work to fix this. For news releases, please click here.

Date added:May 02, 2019
Address/Contact:http://www.btmglobal.info
Background:BTM Global Investment (BTM) purports to offer high returns through investments in the cryptocurrency market. BTM also claims to be based in the United Kingdom.

We recently became aware that BTM accepted funds from British Columbia (BC) residents for trading.

BTM is not registered to trade in, or advise on, securities or exchange contracts in BC.

We urge BC residents to exercise caution when dealing with firms that are not registered to trade or advise in BC.

For information on how to become better informed about investment products and services, please visit InvestRight at https://www.investright.org.

Copyright

© BCSC

 
     
 
     
 

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