The Financial Conduct Authority (FCA) has added PROFIT VENTURES LIMITED to its Warning List, saying the firm is not authorised by the regulator and may be targeting people in the United Kingdom.
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, noting that almost all firms and individuals must be authorised or registered by the FCA to carry out or promote financial services in the UK.
The warning names the website www.profitventuresltd.com and an address at Suite 402, 25 Broad Street, London, United Kingdom, EC2N 1HN. The FCA cautions that some firms give incorrect contact details, including postal addresses, telephone numbers and email addresses, may change those details over time, and may supply details belonging to another business or individual so the information looks genuine.
No Ombudsman or FSCS protection
Anyone who deals with the firm will not have access to the Financial Ombudsman Service if they wish to complain, and will not be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. The FCA says this makes it unlikely that customers would get their money back if the firm goes out of business.
The regulator adds that 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 FCA urges consumers to deal only with authorised financial firms and to use its Firm Checker to confirm that a firm is authorised and permitted to provide the services being offered. Anyone contacted unexpectedly by a financial business should reply using the contact details listed on the Firm Checker. Approaches from unauthorised firms can be reported to the FCA on 0800 111 6768 or through its contact form.
