UK financial regulators are warning consumers about a firm using the website lpdcapital.co.uk to pose as an authorised business in the financial services market. The alert highlights that anyone dealing with the unauthorised operation may lose access to formal complaint channels and compensation protections if problems arise.
Highlights
- FCA warns that lpdcapital.co.uk is an unauthorised clone firm contacting UK consumers while impersonating a legitimate financial business.
- Consumers dealing with lpdcapital.co.uk lack access to the Financial Ombudsman Service and Financial Services Compensation Scheme protections if the firm fails.
- People sending money to fraudsters on or after 7 October 2024 may receive recourse under new Payment Systems Regulator protections.
Regulatory warning and identified details
As reported by the Financial Conduct Authority, lpdcapital.co.uk is not authorised or registered by the regulator but has been contacting people in the UK while claiming to be an authorised firm. The FCA classifies the operation as a clone firm, a type of scam in which fraudsters copy details from legitimate authorised businesses to appear genuine.The regulator lists the details being used in the approach as 1 America Square, London, EC3N 2LS, telephone number +442080403121, email address info@lpdcapital.co.uk and the website lpdcapital.co.uk. It also says scammers may use other false contact details, postal addresses and Firm Reference Numbers, and may combine them with genuine information from authorised firms while changing those details over time.
Consumer protection risks in the UK market
If consumers deal with the firm, they will not have access to the Financial Ombudsman Service for complaints and will not be protected by the Financial Services Compensation Scheme if something goes wrong. The FCA says this makes it unlikely that victims would recover their money if the firm goes out of business.The notice adds that people who sent money to a fraudster on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator. The FCA urges consumers to use its Firm Checker to verify whether a financial business is authorised and to respond to unexpected approaches only through the contact details listed there.
Our earlier article on the FCA’s proposed UK consolidated equities tape explained how the regulator is weighing a redesign of market-data access, including whether the tape should include pre-trade information or be limited to post-trade data. It outlined the pushback from London Stock Exchange Group and the wider debate over transparency, exchange revenues and the shift of equity trading away from lit venues ahead of the FCA’s expected decision.
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