The Financial Conduct Authority (FCA) believes that Coinshield, a firm based in Wales, has been providing financial services or products in the UK without authorisation.
It encourages the public to find out why to be especially wary of dealing with this unauthorised firm and advises on how to protect yourself from scammers.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us, the FCA says.
It warns that some firms still act without the FCA’s authorisation and some knowingly run investment scams.
“Coinbase is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation,” the FCA notes and publishes details on Coinshield:
Address: 4 Gardd Y Meddyg, Risca, Newport, NP11 6ET
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“Be aware that scammers may give out other false details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” the FCA advises.
Protection from scams and unauthorised firms
The FCA strongly advises the public to only deal with financial firms that are authorised by them, and to check the Financial Services Register to ensure they are.
The register has information on firms and individuals that are, or have been, regulated by the FCA.
More steps should be taken to avoid scams and unauthorised firms.
“If you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service(link is external) or Financial Services Compensation Scheme(link is external) (FSCS) so you’re unlikely to get your money back if things go wrong,” the FCA explains.
It adds that if you use an authorised firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making and the service the firm is providing.`