RegulationMay 13 2013

Five more unauthorised firms under FCA spotlight

Search sponsored by
ByMichael Trudeau

The Financial Conduct Authority has warned consumers over five more firms which may be conducting regulated activity without permission and may be targeting UK consumers.

Last week the regulator issued warnings on five firms including Directhome Ltd (Bolton); Delacour Investments, aka Delacour Group Ltd (London); Pacific Ventures Consultancy (New York); WiredMoney Bank; and Russell Acquisition Group (Tokyo).

Customers using these firms will not have recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme should things go sour.

In April (8 April), the regulator warned that it would be issuing many warnings on unauthorised and clone firms.

Last week’s five warnings represent a relatively quiet week for the regulator, which issued 12 warnings the previous week and 11 the week before that.