Abstract：List of confirmed unauthorized firms that are providing financial business and must be avoided by the public.
The Financial Conduct Authority (FCA) is a regulating agency in the United Kingdom responsible for monitoring financial businesses and markets to ensure they are honest, fair, and functioning properly. It is an independent organization that reports to the UK Parliament through the Treasury. The FCA is also in charge of maintaining and improving the UK financial system.
The FCA makes a list of illegal businesses every day based on the information they get from whistleblowers all over the world.
Dated January 24, 2023, a list of proven businesses that are unlawfully offering financial services to the public.
MASCOT AUTOMOTIVE LEASING
DOT DOT LOANS
EASTERN POWER NETWORKS
TAPTOP FINTECH LTD
PORTMAN FINANCIAL MANAGEMENT
ABBY LOANS / ABBY FINANCE
How does the Financial Conduct Authority safeguard customers' interests？
The Financial Conduct Authority (FCA) protects consumers by making and enforcing laws that make sure financial businesses and markets are fair, open, and accountable. The FCA protects consumers in a variety of ways, including:
Setting and enforcing financial company regulations: The FCA establishes rules and standards for businesses to follow and has the authority to punish or cancel the licenses of those that fail to comply.
Conducting supervisory activities: The FCA inspects and examines financial businesses regularly to ensure they are abiding by the laws and regulations.
Educating and informing customers: The FCA offers consumers information and tools to assist them to make sound financial choices.
Resolving complaints: The FCA handles consumer complaints and seeks to mediate conflicts between customers and financial institutions.
Protecting vulnerable consumers: The FCA has special laws and advice in place to protect vulnerable customers, such as the elderly or those suffering from mental illness.
Prohibiting the sale of dangerous goods: The FCA has the authority to take action against companies that offer financial products that are likely to damage consumers.
Promoting competition: The FCA's goal is to encourage competition in financial markets so that customers may access a diverse variety of goods and services at reasonable costs.
How do financial regulators keep the public informed about fraudulent investments？
The Financial Conduct Authority (FCA) keeps the public informed about possible scam investments in many different ways. Some examples are:
The general populace is being warned: To notify the public about possible scam investments and how to avoid them, the FCA issues alerts and cautions on its website and via other channels such as social media and the press regularly.
Investor education: The FCA offers a variety of educational tools, including manuals and films, to assist the public in identifying and avoiding possible scam investments.
ScamSmart campaign: The FCA operates an ongoing ScamSmart campaign to educate the public about the hazards of investment fraud and how to protect oneself. This campaign consists of social media, advertising, and collaborations with other groups.
The FCA collaborates with other agencies and organizations to track and recover lost assets from fraudulent investments.
Scam reporting: The FCA urges members of the public to report any suspected fraudulent investments to the FCA so that appropriate action may be taken.
Cooperating with other regulatory agencies: The FCA collaborates with other regulatory bodies, like the police, to exchange information and intelligence about possible scam investments and to take concerted action to safeguard the public.
The FCA urges enterprises to maintain good practices and to have strong mechanisms in place to identify and report possible frauds, which may assist to avoid additional scamming.
Keep an eye out for more FCA alerts.
Link to download: https://www.wikifx.com/en/download.html
Nigerian businesses are dealing with a double blow as new naira notes are hard to come by and the old ones' expiration date approaches. Many firms have been pushed by the circumstance to choose electronic channels for transactional purposes in an effort to lessen the volume of obsolete notes coming from their clients.
Due to a gradual increase in demand for dollars, the naira, see a slight loss across market areas which made the Foreign Exchange (FX) market closed out the trading week on Friday.
The Centre for the Promotion of Private Enterprise (CPPE), in the organized private sector, has reiterated the FX market by combining the various rates and making sure the rates are driven by the market. This recommendation follows the sustained depreciation of the naira throughout the year 2022. In an interview with the New Telegraph in Lagos by Dr. Muda Yusuf, the Director and Chief Executive Officer of CPPE. According to him, the official rate had risen to N461/$ and the parallel/BDC rate reached N750/$.
XPro Markets is a South Africa-based broker. This broker claimed to offer clients a couple of financial instruments. It catches our attention because we recently received a complaint related to this broker. WikiFX has comprehensively reviewed XPro Markets from several perspectives.