FCA Warning List Hits Record High in 2019
The Financial Conduct Authority (FCA) has issued more warnings than ever before in 2019, adding over 700 unauthorised firms and individuals to its public warning list. This represents a 30% increase compared to 2018.
Why the Surge?
The FCA has identified several key drivers behind the increase:
- Clone firms impersonating legitimate businesses
- Cryptocurrency scams proliferating in the unregulated space
- Binary options being aggressively marketed to retail investors
- Social media being used as a primary recruitment channel
What This Means for Investors
The FCA warning list is your first line of defence. Before investing with any firm, always check the FCA Register at fca.org.uk/register. If a company is not listed, it is operating without authorisation and your money is at risk.
How to Report
If you encounter an unauthorised firm, report it to the FCA via their online form or call 0800 111 6768. You should also report it to Action Fraud on 0300 123 2040.
Recovery Options
If you have lost money to an unauthorised firm, Patterdale Recovery can assess your case for fund recovery. Our investigators have extensive experience with FCA-reported entities.
