RegulationMay 5 2016

FCA issues warnings on rogue firms

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FCA issues warnings on rogue firms

The Financial Conduct Authority has issued two warnings about rogue firms which are not authorised, but have been targeting people in the UK.

Oliver Kamann & Partners has been described as a ‘clone’ firm by the regulator - a business using the name and address of a regulated firm to trick customers into thinking it is a legitimate operation.

Fraudsters using this tactic usually contact people out of the blue, so consumers should be wary if they have been cold called, the regulator warned.

Its warning noted the fraudsters may use the name of the genuine firm, along with a reference number which has been given the authorised firm.

The FCA also issued a warning over Scorpion Loans, which it stated has been carrying out consumer credit activities in the UK without permission or authorisation.

Almost all firms and individuals in the UK consumer credit sector must be authorised by the regulator. Some, however, act without the FCA’s authorisation and some knowingly run scams.

Late last month, the FCA issued four warnings about firms it believed were providing financial services without authorisation.

In its alerts, the regulator encouraged consumers to check a firm is regulated by accessing the financial services register.

ruth.gillbe@ft.com