The Financial Conduct Authority (FCA) has added Finsbury Markets to its warning list, stating that the firm is not authorised by the regulator and may be targeting people in the UK.
According to the notice, the firm may be providing or promoting financial services or products without FCA permission. The regulator advises consumers to avoid dealing with the firm and to beware of scams.
The FCA notice identifies two websites linked to the firm, finsburymarkets.com and client.finsburymarkets.io, along with two contact numbers, 7441926318 and 7441953931. The regulator cautions that firms of this kind may supply incorrect contact details, including postal addresses, telephone numbers and email addresses, and may change them over time. Details belonging to another business or individual may also be used so that the information appears genuine.
Consumer protections do not apply
The FCA notes that almost all firms and individuals must be authorised or registered by the regulator to carry out or promote financial services in the UK. Consumers who deal with Finsbury Markets will not have access to the Financial Ombudsman Service if they want to complain, and will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. The FCA says this means it is unlikely money would be recovered if the firm goes out of business.
Consumers who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator (PSR).
The regulator recommends using the FCA Firm Checker to confirm whether a financial firm is authorised and holds permission for the services being offered. Anyone contacted unexpectedly by a financial business should reply only using the contact details listed on the Firm Checker. Consumers who believe they have been approached by an unauthorised firm can contact the FCA on 0800 111 6768 or use its contact form.
