Regulation  

Rogue traders named by FCA

Rogue traders named by FCA

The FCA has added several firms to its list of unauthorised firms and warned the industry to be wary of representatives from these companies cold-calling potential investors in the UK.

The firms include Lackner Kurt (clone firm), Hans Advisers, Carlton Brown S.A., Goldberg Management, and Sunbird FX c/o Spring Empire Solutions Ltd.

The FCA claimed that individuals were using the name and business reference number of authorised firm Lackner Kurt, allegedly to try and dupe people.

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The regulator said a call placed to Hans Advisers obtained a recorded answerphone message by Craig James from St James’s Place Wealth Management.

When contacted, a spokesman for St James’s Place Wealth Management said: “Neither Craig nor SJP have a connection with Hans Advisers. The number you refer to appears under Hans Advisers contact details on the FCA website in error.”

However, Ruth Wharram, a press officer at the FCA, confirmed the fake firm Hans Advisers had indeed used Mr James’s number on its website.

A recorded phone message at clone firm Lackner Kurt welcomes callers to its “trading desk,” while Goldberg Management’s 0800 number has a Lycamobile recorded message. Neither have responded to requests for information.

Right to reply

Financial Adviser did receive a email from an un-named person at Carlton Brown S.A. from a generic gmail account – carltonbrownplc@gmail.com – which said: “Sir. We are a non-UK company with no connections in the UK.

“The English FCA have no jurisdiction over our company and have no right to publish anything about us whatsoever, nor to apply their rules to a non-UK company. We are taking legal advice on what form of civil or criminal legal actions to instigate against the English FCA.”