FCA

The list below is a collection of articles that refer to, mention or discuss FCA.

Investors Pay Out £1.5 Million In Gold Mine Scam

Scammers conned 130 wealthy investors out of £1.5 million pledging 12% a year returns for six years from South American gold mines. Instead of the promised riches, a few received ‘minor returns’ and their money was paid as commissions to sales staff. Following an Insolvency Service investigation into the operation, the three companies were wound … Read more

Online Scam Search Set Up By Financial Watchdogs

Financial regulators are launching a new online search tool that makes spotting scammers and fraudsters easier. The new site will start on September 7, 2015, on the Financial Conduct Authority (FCA) web site. The new register links financial advisers and firms offering consumer credit under a single category for the first time. The FCA took … Read more

Concern Over Banks Claim To Write Off Debts For Free

Scammers

Financial watchdogs are warning consumers paying bills through the WeRe Bank that promises to write off their debts for free are not true. The Financial Conduct Authority (FCA) has revealed reports from disappointed consumers and confused commercial organisations have flooded in about the bank. WeRe is a self-styled community bank and has generated the Re … Read more

Don’t Get Fooled By Cold-Calling Fraudsters

cold callers

Fraudsters are trying to cash in on recent online data breaches of firms like Carphone Warehouse and dating web site Ashley Madison. Scammers are sending out emails, texts and sometimes calling consumers by posing as police or fraud investigators warning that online payment details have been snatched by hackers. They urge the consumers to hand … Read more

Pension Liberation Step Up Scam Efforts

Government campaigns to crack down on pension liberation crooks do not seem to be working, according to figures released by fraud squad detectives. Pension liberation is when retirement savings from a legitimate pension scheme are switched to one that offers access to the cash before the saver is 55 years old – but the money … Read more

Forex Fraud Is A New Trick For Scammers

claiming they are police officers in need of help. Crooks have switched from banks to forex bureaux because victims coming in for one-off exchanges of large amounts of cash do not stand out as much as they do in banks. The National Fraud Intelligence Bureau (NFIB) warns that the typical fraud involves someone calling out … Read more

Pension Regulators Crack Down On Rogue Consumers

Pension regulators are setting up a regime that does not allow consumers who ignore financial advice to claim compensation for their errors of judgment. Hot on the heels of a Pensions Ombudsman case that dismissed a consumer’s claim for lost money because a provider followed his insistent instructions to transfer funds to an alleged pension … Read more

Public Service Super Ombudsman On The Way

A new super ombudsman service to deal with consumer complaints about public services is on the way. The government intends to integrate several existing ombudsman services into one body for dealing with grievances about Parliament, the National Health Service, local government and housing. The aim is to streamline the handling of complaints from people who … Read more

Fraud Squad Swoops On Suspected £30m Ponzi Scam

Detectives have swooped to close down a suspected £30 million international Ponzi fraud based in Britain. Police arrested an unnamed 59-year-old man in East Yorkshire after a deluge of complaints from all over the world. City of London Police fraud detectives are leading the investigation. They were tipped off about the suspected scam when complaints … Read more

Property Scammers Scoop £1m From Duped Investors

Consumer watchdogs have wound up a company run by fraudsters offering investors more than a 50% return on land investments. Hermay Ltd promised investors they would see a 51.5% profit on their money in a year. The Financial Conduct Authority (FCA) says 25 investors parted with £880,000 cash only to find the sales people were … Read more