The Financial Conduct Authority (FCA), the UK’s financial services firms regulator, has warned investors against investing with Switzerland-based Zurich Capital. The firm is not authorised to operate and sell financial products in the country and is also not on the registered list of FCA for conducting business. The firm is targeting people in the UK with its financial services and schemes.
The firm operates online through Zurichcap.com and provides wealth management solutions to investors with different investment services. The FCA said in a statement regarding Zurich Capital: “We believe this firm has been providing financial services or products in the UK without our authorisation.”
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Investing through unauthorised firms like Zurich Capital increases the risk of falling victim to financial scams. Transactions and investments executed by unauthorised firms are not covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) in the event that things go wrong.
A few weeks back, Finance Magnates reported on one scam consisting of fake emails purporting to be from the FCA with malicious content, demanding money from investors with the subject line ‘Overdue Balance’. The FCA strongly advises investors to check with the Financial Service Register before becoming committed to a firm, and also to report unauthorised firms and scams.