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FCA Register Is Flawed
capital0ne
Posts: 872 Forumite
Here's one for you to have a good old laugh at (or at me _ I'm really happy that I cheer you all up).
The FCA has temporarily removed 1,000+ companies from their register because of a flaw relating to international firms.
Unregulated companies exploit a loophole that enables them to appear on the list as a legitimate firm authorised by a regulator in Austria.
Other failings of the FCA required their chief exec Andrew Bailey to admit that it's "gold standard" register was allowing investors to be misled.
Last year they paid £22,488 to fraud victims who trusted the database.
One customer that invested in green energy bonds (sound dodgy right away) offered by Ortner Marcus used the FCA register and was assured this was legit.
Unsurprisingly Ortner Marcus went into liquidation and the customer lost £60k
A spokesman for the FCA has said they have issues with Austrian firms which dates back over 10 years!
So beware even the FCA has been scammed!
The FCA has temporarily removed 1,000+ companies from their register because of a flaw relating to international firms.
Unregulated companies exploit a loophole that enables them to appear on the list as a legitimate firm authorised by a regulator in Austria.
Other failings of the FCA required their chief exec Andrew Bailey to admit that it's "gold standard" register was allowing investors to be misled.
Last year they paid £22,488 to fraud victims who trusted the database.
One customer that invested in green energy bonds (sound dodgy right away) offered by Ortner Marcus used the FCA register and was assured this was legit.
Unsurprisingly Ortner Marcus went into liquidation and the customer lost £60k
A spokesman for the FCA has said they have issues with Austrian firms which dates back over 10 years!
So beware even the FCA has been scammed!
0
Comments
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The P2P firm, Collateral(UK) Limited, were able to trade for over 2 years by fraudulently altering the register entry for an earlier dormant/dissolved company owned by one of the directors. It transpired that firms can alter their own information, such as company name, address and telephone number, without any checks being performed prior to publication.0
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Not a register to be relied upon then, you must do further research before making any decisions folks!The P2P firm, Collateral(UK) Limited, were able to trade for over 2 years by fraudulently altering the register entry for an earlier dormant/dissolved company owned by one of the directors. It transpired that firms can alter their own information, such as company name, address and telephone number, without any checks being performed prior to publication.0 -
The main register lists the company number, so cross-checking details with Companies House is recommended.capital0ne wrote: »Not a register to be relied upon then, you must do further research before making any decisions folks!0 -
FCA [STRIKE]Register[/STRIKE] Is Flawed
FTFY0
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