The UK Financial Conduct Authority (regulator) to shut down fraudulent investment advertisements and websites / domains just 24 hours after they appear online.
… alongside our ongoing reactive work, we have ratcheted up our proactive monitoring of the internet with a dragnet approach with the express aim to capture suspicious advertising on the same day or 24 hours after it first appears. We have also accelerated our assessment and processing of the daily haul and we have moved from responses within days to being able to issue warnings on the same day, 24 hours after, which is now happening in most cases.
Our Warning List is updated also on a daily basis and we continue to urge consumers to avoid dealing with firms on the Warning List. We also urge all financial services firms to ensure they are not dealing with firms on our Warning List.
This initiative is intended not only to protect consumers but also to alert the financial services industry. The Warning List should be an essential component of existing systems and controls inhibiting financial crime, creating more intrusive due diligence when such firms are seeking to set up or require professional advice or assistance, or seek banking or payment services here in the UK or seek to inveigle themselves into the hearts and minds of IFAs with promises of high commissions.
We need a force field against unauthorised businesses marketing bogus investment activity. And those regulated firms who let down their guard, especially in assisting firms on our Warning List, may well face action from us for doing so as well.
read more (face up)
… alongside our ongoing reactive work, we have ratcheted up our proactive monitoring of the internet with a dragnet approach with the express aim to capture suspicious advertising on the same day or 24 hours after it first appears. We have also accelerated our assessment and processing of the daily haul and we have moved from responses within days to being able to issue warnings on the same day, 24 hours after, which is now happening in most cases.
Our Warning List is updated also on a daily basis and we continue to urge consumers to avoid dealing with firms on the Warning List. We also urge all financial services firms to ensure they are not dealing with firms on our Warning List.
This initiative is intended not only to protect consumers but also to alert the financial services industry. The Warning List should be an essential component of existing systems and controls inhibiting financial crime, creating more intrusive due diligence when such firms are seeking to set up or require professional advice or assistance, or seek banking or payment services here in the UK or seek to inveigle themselves into the hearts and minds of IFAs with promises of high commissions.
We need a force field against unauthorised businesses marketing bogus investment activity. And those regulated firms who let down their guard, especially in assisting firms on our Warning List, may well face action from us for doing so as well.
read more (face up)
