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    • Reaper
    • By Reaper 22nd Jan 19, 2:42 PM
    • 6,456Posts
    • 4,811Thanks
    Please can we invite an FCA representative for Q&A
    • #1
    • 22nd Jan 19, 2:42 PM
    Please can we invite an FCA representative for Q&A 22nd Jan 19 at 2:42 PM
    MSE used to invite people on to answer forum questions.

    Any chance we could revive that? Over on Savings and Investments we have been discussing a number of loopholes in the regulations which are resulting in unscrupulous firms scamming money off naive investors. It would be great to put them to the FCA and see if anything can be done to put a stop to them.

    Here's my own personal starter list but I'm sure forum members can add more:

    * The advertising rules are being ignored by 3rd parties giving the impression high risk unregulated investments are savings accounts. The FCA has the power to remove these adverts but is doing nothing. Why? (click here for examples)
    * Why is the FCA not listing the ultimate beneficiary companies that pay these deceptive affiliates on their warnings page?
    * Why is the FCA not asking for more powers to take actions against the final company in the chain that pays the affiliates?
    * Why are companies able to endlessly move their accounting date to avoid submitting accounts? (eg they can shorten the period by 1 day unlimited times for a 3 month extension each time) Why are you not lobbying MPs to have this loophole closed? (click here for an example)
    * Do you think it is right that a company can advertise unregulated investments directly to the public even if not authorised to do so, provided they are regulated in an unrelated area (eg authorised to do Claims Management but advertising and selling mini-bonds)
    * Do you agree the Section 21 loophole that allows completely unregulated companies to advertise directly to investors is too open to abuse?
    * Should any promotion aimed at investors be banned from using the words "FCA Authorised" if the FCA authorisation is not investor related and FSCS cover does not apply?
    * Any chance we could stop banks using the word "Bond" for savings accounts? Because it is so misused the word currently fails to rings alarm bells with users when inadvertently putting money into unregulated mini-bonds.
    Last edited by Reaper; 01-02-2019 at 1:30 PM. Reason: Added links
Page 1
    • sarah1972
    • By sarah1972 22nd Jan 19, 3:31 PM
    • 13,795 Posts
    • 43,052 Thanks
    • #2
    • 22nd Jan 19, 3:31 PM
    • #2
    • 22nd Jan 19, 3:31 PM
    Will pass on to the forum team now.
    I'm a Board Guide on all of the Shopping & Freebies Boards
    I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to (its not part of my role to deal with reportable posts). Any views are mine and not the official line of
    • jimjames
    • By jimjames 23rd Jan 19, 1:00 PM
    • 13,207 Posts
    • 12,231 Thanks
    • #3
    • 23rd Jan 19, 1:00 PM
    • #3
    • 23rd Jan 19, 1:00 PM
    I'd also ask if Martin could do a post about these types of investments as it's clear that many savers are being tricked into investing in high risk bonds that they understandably think are savings from the adverts. Ones like this:

    Remember the saying: if it looks too good to be true it almost certainly is.
    • Reaper
    • By Reaper 23rd Jan 19, 3:32 PM
    • 6,456 Posts
    • 4,811 Thanks
    • #4
    • 23rd Jan 19, 3:32 PM
    • #4
    • 23rd Jan 19, 3:32 PM
    And another one JimJames has flagged before which I believe breaks a number of regulations:

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