Friday, 27 March 2015

FCA - Financial Clowns Association

We have been in correspondence with the FCA about a website offering financial promotions in the UK contrary to the Financial Services Act 2000.

We posted the first response we had here a week or so ago. We then sent the FCA more information and explained in as simple a way as possible that they had got the wrong end of the stick. They must like that end because they still have it.

The site in question is Simon Dixon's Bank to the Future. This was authorised via third parties by the FCA in 2012 and 2013. This is when the site was run by Bnktothefuture.com, a UK registered company.

The BTTF site now operating is run by Bnk to the Future - a company registered in the Cayman Island and Honk Kong. Simon Dixon now resides in Hong Kong, leaving the UK with a number of small business owners chasing him for refunds. 

The FCA seem unable to grasp the difference between these companies. Their own register states that Bnktothefuture (UK) was FCA accredited until October 2013 - this then ceased it states. It is not accredited any longer. The FCA claim that it is accredited via a company called Crowe Clark Whitehill. Their very own register states this is not the case. And even if it was, which it is not, then the current site is not run by the BTTF which had accreditation in 2013. Without some form of FCA accreditation the site is not allowed to promote the financial deal it has on its site, in the UK.

So what are the FCA playing at? We may never find out as they tell us that if they take action against the site, they cannot tell us what that will be. So we have to ask what is the point in the public helping them to do their job. Well as with all clown shows, if the audience doesn't get involved, the whole thing falls flat on its face.....................pause...............hahahahahahahahahaha.

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