FCA to warn against scam firms in Financial Services Register
The Financial Conduct Authority will launch a new Financial Services Register from Monday which will make it easier to find information on unauthorised firms for the first time.
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The new Register will have one search field to help users find a firm, individual or collective investment scheme by looking up its name, reference number or postcode. You will also be able to search for certain investment exchanges.
Users will then be able to filter the search results or click on a name for further information like contact details, the permissions a firm has or whether it is covered by the Financial Ombudsman Service and Financial Services Compensation Scheme (FSCS).
Firms providing regulated products or services without the required authorisation – or are knowingly running a scam – will be included in the Register for the first time, highlighted in search results by red text and a warning symbol. Further information on unauthorised firms includes the different details being given out and whether they are falsely claiming to be from a genuine, authorised firm.
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