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Writer's pictureNeil Bromage

FCA adds me to their Scam Warning List!

I've finally made it. Fame at last. Just as the FCA is branded ‘incompetent at best, dishonest at worst’, by a UK parliamentary report https://amp.theguardian.com/business/2024/nov/26/fca-mps-peers-financial-conduct-authority-appg-report they have added me to their Warning List of SCAMMERS! https://register.fca.org.uk/s/unauthorised-firm?id=0014G00002s93KkQAI


I have spent the last five years researching and writing about illegal, Unregulated Collective Investment Schemes for the Mail on Sunday, Daily Mail, Legal Futures, writing in my own blog and publishing a full-length work on the subject. I have helped hundreds of people recover their losses from these failed investments and have reported illegal operators to the SFO and FCA. The latter have done absolutely nothing.


When an investor wrote to me a couple of days ago about the FCA’s inclusion on their Warning List of me (and the firm I have an involvement with) I provided them with a chain of Correspondence I have had with the FCA to demonstrate clearly how they have failed to professionally manage or resolve this matter. This is what the investor wrote back to me:


“Went through the correspondence. It is worrying that the regulator seems to lack the capacity or even capability to address the correspondence from you. And whereas on a separate page on their website, they do recognise that UCIS schemes are unlawful & must not be promoted to unsophisticated investors, the only recourse they suggest is to “complain to the firm”. 


This is quite disturbing.


So, instead of working with you to create a redressal mechanism for buyers who have already been trapped, this is effectively buying time for such schemes to “get away with what they can”. 


As a journalist, I am not subject to regulation by the FCA. The help I provide to investors to recover their losses on these illegal schemes all relates to professional negligence which is also not regulated by the FCA – or anyone else.




It seems the FCA is incapable of even recognising the good guys from the bad. As long as that situation continues we have a financial regulator and system which, it seems, according to the parliamentary group responsible for the recent report, is rotten to the core!




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