The Financial Conduct Authority issued warnings on 11 unauthorised and clone firms last week, as it continues its offensive against entities that may be targeting UK consumers with services that could look like regulated advice.
There were eight warnings issued in relation to the following unauthorised firms:
• Foreign Exchange Clearing House Ltd (St John Street, London);
• Global Endowment LLC (USA);
• Walton Johnson and Co (USA);
• Platinum First Bank also known as First Platinum Bank of London;
• Liberty Alternative Investments;
• The Pensions Club LLP;
• Woodlake Commodity Solutions (Cheapside, London); and
• Professional Finance Centre (East Midlands).
The regulator also warned over three clone firms that are using names designed to imply they are related to authorised entities, namely:
• Smart Stuff Ltd operating out of Cheapside, London;
• Charles Schwab operating out of Frankfurt, Germany; and
• Karl Johan Fonds ASA.
Investors dealing with any of the above firms will not have recourse to help from the Financial Ombudsman Service or Financial Services Compensation Scheme, the FCA said.
This weeks’ set of warnings was preceded by 15 other such warnings published since the new regulator came to power.
The regulator previously told FTAdviser it planned to issue many more warnings about unauthorised and clone firms than its predecessor the Financial Services Authority.
