Eight unauthorised firms have been identified as potentially targeting UK consumers in the latest batch of alerts from the Financial Conduct Authority, including three Jamaican clone firms and three US firms that are not authorised but could appear to be offering regulated advice.
The Financial Conduct Authority has warned consumers to be wary when doing business with four firms which may be using targeting customers of a Bromley-based authorised firm using its details:
• T. Pederson and Associates (Jamaica);
• ArchWay Trust (Jamaica);
• Portsmouth Lending (Jamaica); and
• CHJ Management operating from the email address email@example.com.
The regulator also identified four unauthorised firms which it believes may to targeting UK consumers:
• Avacia Investments and Avacia Limited (London);
• AJ Nelson Consultants LLC (New York);
• Capstone Capital Group (New York); and
• Apex International Consulting Group (New York).
Investors who do business with unauthorised firms will not have recourse to the Financial Ombudsman Service or Financial Services Compensation Scheme with regards to investments made with them, the FCA states in its alerts.