FCA warns Pipvertex may be offering financial services without authorization in UK
UK regulators are flagging fresh risks for consumers approached by firms operating outside the country’s financial authorization regime. The warning says Pipvertex is not authorized or registered by the Financial Conduct Authority, leaving customers without key complaint and compensation protections if problems arise.
Highlights
- Pipvertex may be providing or promoting financial services in the UK without FCA authorization, prompting a warning to consumers about potential scams.
- Consumers dealing with Pipvertex risk losing funds as they lack access to the Financial Ombudsman Service and Financial Services Compensation Scheme protections.
- From 7 October 2024, victims who send money to fraudsters may benefit from new Payment Systems Regulator protections for certain payment fraud scenarios.
Regulatory warning and consumer protections
As reported by the Financial Conduct Authority, Pipvertex may be providing or promoting financial services or products without permission and could be targeting people in the UK. The regulator says consumers should avoid dealing with the firm and remain alert to potential scams.The FCA says almost all firms and individuals must be authorized or registered to carry out or promote financial services in the UK. It adds that anyone dealing with Pipvertex would not have access to the Financial Ombudsman Service for complaints and would not be protected by the Financial Services Compensation Scheme if the firm fails, making it unlikely they would recover their money.
Checks for firms and scam payment support
The notice also points to additional safeguards for some victims of payment fraud. If money is sent to a fraudster on or after 7 October 2024, consumers may be covered by protections introduced by the Payment Systems Regulator.The FCA urges consumers to use its Firm Checker to confirm whether a business is authorized and has permission to provide the services being offered. It also advises people contacted unexpectedly by a financial business to respond only through contact details listed on the checker.
In our earlier article, we highlighted how large cash balances in UK current accounts are often earning zero interest, leaving savers exposed to inflation eroding their purchasing power. We noted that millions of accounts pay no interest and outlined alternatives such as interest-bearing savings accounts and cash ISAs, especially as savers rush to use the current ISA allowance before it is reduced.
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