12th June 2015
The City watchdog has warned the public of a fake financial advice firm that claims to have been operating around the corner from the regulator.
The Financial Conduct Authority (FCA) has flagged Canary Wharf-based West Financial Advisory House, which it believes has been advising and selling products without proper authorisation.
In a warning notice, the FCA said: ‘We believe this [company] has been providing financial services or products in the UK without our authorisation.’
Fraudulent firms can often be involved in wider scams involving shares and other investments.
‘Some firms act without our authorisation and some knowingly run scams like share fraud,’ said the FCA. ‘This firm is not authorised by us but has been targeting people in the UK.’
The website of West Financial Advisory House says it offers ‘investment planning, financial planning and analysis’ that will result in ‘your money working harder for you’.
It goes on to say its advisers offer ‘innovative investment and financial strategies by drawing on the established experience gained as a proven offshore brokerage’ and that it specialises in ‘the overseas markets’.