Escalating levels of fraud and financial crime are flagged as one of the biggest dangers to the UK’s recovering economy by City regulators.
A series of scandals involving some of Britain’s biggest and most trusted banking brands have led the Financial Conduct Authority (FCA) to add crime to a watch list of economic indicators.
The FCA regards financial crime as a bigger threat to the economy than overheating house prices, which it has replaced on the list.
The list is part of the FCA’s business plan for the next 12 months.
Financial crime is explained as money laundering, bribery and corruption, fraud and financing terrorism.
Other recent financial scandals like LIBOR rate rigging and giving tax evasion advice to customers have also rocked confidence in the banking industry.
“Firms need to have systems and controls that minimise the risk of fraud and other financial crime as well as a business culture that offers fairness and the right result for customers, especially with the approaching pension freedoms that mean more people will have more money to invest and spend,” said a spokesman.
Warnings about bogus advisers – Worldwide
Here are the latest rogue financial firm warnings on the International Organisation of Securities Commissions web site:
- Swiss Bullion & Bond AG – Switzerland
- The Four Elements PCC – Mauritius
- Lancelot Global PCC – Mauritius
- Suisse Private Trust AG – Switzerland
- Shields Corporate Partners – Ireland
- Wakefield Securities Limited – Ireland
- Trident Fund Inc – Switzerland
- Blackfoerder Investment Group – Switzerland
- Interactive Brokerage Ltd (Formerly Global Markets Ltd) – Bulgaria
- Economists & Lawyers/www.economists-lawyers.com – Spain
- FX Global Markets (FXGM) Ltd – Spain
- Rentino Kredit Establishment – Liechtenstein
Warnings about bogus advisers – UK
Here are the latest bogus financial advisers listed on the Financial Conduct Authority (FCA) web site:
- Copper and Partners
- URS VOGT (clone web site)
- Investec Asset Management Limited (clone web site)
- GMT Markets Limited
- BlackBird Clear Limited
- Solution Loans (clone web site)
- UBS (clone web site)
- Tradignition (clone web site)
- Loan Kings
- Maple Leaf Management Ltd
- Equerry Investment Management (clone web site)
Dealing with an unregulated firm
If you buy shares, save money or invest with an unregulated firm, you lose any protection offered by the Financial Ombudsman and the Financial Services Compensation Scheme. Broadly, you have no independent place to complain if the deal goes wrong and are unlikely to win any compensation.
Checking if a firm is regulated
Go to the Financial Services Register to check if a firm is regulated in the UK.
Reporting a suspected bogus adviser