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Scams Report > Scam Brokers List 2022 > Uncategorized

The Financial Conduct Authority (FCA) is establishing a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues, and is looking for expressions of interest from stakeholders to join.

Earlier this year the FCA Board decided to establish a brand new ESG Advisory Committee to help execute its ESG-related responsibilities. This includes meeting the Government’s expectation that we ‘have regard’ to the UK’s commitment to achieving a net zero economy by 2050, when considering how to advance and achieve our objectives and functions. The Committee’s role will be to provide advice to the Board on:

how it executes oversight of ESG issues relevant to the FCA both as a regulator and our own operations
relevant emerging ESG topics or issues
how the FCA should develop its ESG Strategy, in keeping with the organisation’s statutory objectives and regulatory principles.

The Committee’s membership will include a small number of external experts who have in depth knowledge of ESG issues in the financial sector. Members will be appointed by the Board in a personal capacity and will need to abide by a conflict of interest policy. We do not expect people currently employed by FCA regulated firms to be appointable to the Committee. We will also ensure diversity of the members of the Committee, in line with our commitment to promote diverse and inclusive financial services.

We expect the Committee to meet for the first time in Q4 2022, and normally quarterly from then onwards, but it can meet more frequently where necessary. The Board will also select a Chair of the Committee and we will provide secretariat support.

If you are interested in joining the Committee then please contact the ESG Advisory Committeewith a copy of your CV by 16th September. Stakeholders can also contact the mailbox if they have any questions or need any further information on the Committee. Members appointed to the Committee will be announced once in place.

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New emergency asset retention rules now apply to 101 firms who provided pension transfer advice to former British Steel Pension Scheme (BSPS) members, 26 of these firms are subject to an asset restriction.

We announced emergency rules on 25 April 2022 to prevent firms who advised BSPS members to transfer their benefits out of the scheme from disposing of assets to avoid paying compensation under a potential consumer redress scheme. The rules came into force on 27 April 2022 and will continue until 31 January 2023.

These emergency rules increase the likelihood that former BSPS members will get compensation directly from firms for any losses they suffered from being given unsuitable pension transfer advice. This will help make sure the firms responsible for these redress liabilities meet the cost of them, rather than the costs being borne by other Financial Services Compensation Scheme (FSCS) levy payers, and ultimately being passed on to consumers.

There are 101 firms in scope of the rules. The rules apply to firms who provided pension transfer advice to BSPS members between 26 May 2016 to 29 March 2018, unless specifically excluded.Firms are out of scope of the requirements if they are:

a firm that provided BSPS advice during the relevant period to fewer than 5 BSPS members,
unlimited partnerships
sole traders
already subject to similar restrictions
dual regulated by the Prudential Regulation Authority (PRA), or
subject to an insolvency order

Under the rules, firms had until 27 May 2022 to complete an initial financial resilience assessment (FRA) to establish whether they had sufficient financial resources to meet potential BSPS redress liabilities. An initial FRA has been completed by all 101 in scope firms. As of this month, 26 of these firms confirmed they failed the assessment and so are subject to an asset restriction. This number may change as firms must complete the FRA every month or immediately following any material change in their financial circumstances.

We are actively monitoring the financial stability of firms who gave advice to BSPS members. We issued an updated Dear CEO letter on 31 March 2022. This underlined that we expect firms to have adequate financial resources and that they should retain assets for a potential consumer redress scheme. The letter also emphasised that firms should not try to avoid their responsibilities for their BSPS advice and should consider the impact that potential BSPS advice liabilities may have on their solvency.

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Esperio Review

Website – https://www.esperio.org/

Official Address – 1 Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines

Warned by regulating authority – Not Recommended By Review Website Like Scams Report

In this Esperio review, we will demonstrate that the broker with the esperio.org site is unregulated and is a potential scam.

Esperio Review: Introduction

Esperio might be an offshore broker which is suspected to be involved in scam activities. At first look, Esperio appears to be a sufficiently good broker with a nicely designed website and gave thorough data about account types and exchange conditions. Also, Esperio offers two incredible, profoundly practical trading platforms – MetaTrader 4 and 5. The lawful documentation didn’t appear to contain any kind of obscure provisos.

But, what you see is not true. Despite the relative multitude of beneficial things we referenced, we actually can’t suggest this broker for trading. The organization behind the representative offshore. 

Esperio Review: Trading Condition

Esperio offers admittance to many business sectors – Metals, ETFs, Forex, Cryptocurrencies, Stocks, and Indices. The specialist offers numerous record types you could browse. The most extreme leverage you could reach is 1:1000 – which is genuinely high. Exchanging with higher leverage could prompt misfortunes which is the reason you should be careful.

Esperio Review: Fake Profit

Another normal stunt forex scam brokers use is they make you assume you have procured a high benefit. They could try and control the exchanging programming and cause it to appear as though you are creating an immense gain, which isn’t correct.

When you want to withdraw your money, they will request a fee as a withdrawal charge which might go as high as 20%. You will lose that cash as well, you actually will not approach the assets in your record.

Esperio Review: Trading Rewards

Trading rewards are an indivisible piece of the contribution of most scammers. Appealing as such advancements might appear right away, they generally accompany surprises. The exchanging volume necessities are high to such an extent that even prepared brokers will experience issues in accomplishing them. In any case, the most difficult issue is that once your record is credited with a reward, it is presently beyond the realm of possibilities to expect to recognize which cash is produced using the extra assets and which are gotten from the ones you have stored.

Esperio Review: Is Esperio Legit?

We can affirm that Esperio.org is a potential scam and your funds are at high risk if you are trading with them. Most importantly, its location shows that they are an offshore organization. There is a wide range of perils that accompany exchanging utilizing offshore merchants. The broker is not legit as no license information was found on this site. This broker has insufficient licensing documents to offer trading and investment service.

Esperio Review: Conclusion

Trading with an unregulated broker that professes to offer monetary services is very risky.

Moreover, the absence of owner data on the site or their actual location is additionally something to stress over as these are the sign of a scammer. 

Eventually, these individuals will trick victims. Esperio.org is the same as different scammers present in our scam brokers 2022 list. We advise you to suggest such brokers from trading to keep your funds safe.

Also, we are a victim of Esperio scam, you can file a complaint with Scams Report. Scams Report can help you in fund recovery by fighting back against scams.

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The FCA has today responded to complaints from people who complained to the FCA after losing money when Premier FX (PFX), a payment services firm, authorised for money remittance, collapsed in 2018. Following an independent internal assessment of each complaint, the FCA has upheld or partially upheld 5 out of 31 allegations.

The upheld or partially upheld allegations relate to the timeliness and accuracy of updates made to the Register, the reauthorisation of the firm just prior to its collapse in 2018 and concerns over how information was handled and not actioned. The issues identified relate to events that happened several years ago, which the FCA’s wider work, including on transformation has largely remediated. For example, data capabilities have been improved and a ‘single view of firms’ dashboard has been rolled out across the organisation to ensure intelligence is handled, assessed and shared effectively. This forms part of the FCA’s strategy to improve its use of data so that harm can be identified and prevented sooner.

The FCA investigated the circumstances that led to Premier FX’s insolvency. The investigation identified serious misconduct perpetrated by Premier FX and its bankers Barclays Bank Plc. The FCA took action on both and as a result of enforcement action taken against Barclays Bank Plc, it voluntarily agreed to repay the people who lost money in Premier FX and by April 2022 they were repaid all the money they originally paid in, that had not been paid out when Premier FX collapsed.

The FCA’s response

An FCA spokesperson said: ‘We recognise that the collapse of Premier FX resulted in the loss of significant sums of money for its customers, and welcome the fact our successful enforcement action against Barclays Bank plc has meant that all 167 affected Premier FX customers with accepted claims have had 100% of the money they paid in returned.

‘We are very sorry for the mistakes we made prior to the collapse of Premier FX. We are a very different regulator today than we were during the period that these complaints cover. We strive to continuously improve and learn lessons and have been transforming the way in which we operate. Complaints, like those received about our regulation of Premier FX, provide a vital source of insight, which have led to improvements to our processes and working practices and has enabled us to become a more assertive, adaptive and innovative regulator.’

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The Financial Conduct Authority has fined Sir Christopher Gent, former non-executive Chairman of ConvaTec Group Plc, £80,000 for unlawfully disclosing inside information.

While Chairman, Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec’s major shareholders before this information had been announced properly to the market. The disclosures concerned an expected announcement by ConvaTec relating to a revision of its financial guidance and the CEO’s plans for retirement.

The FCA considers that Sir Christopher acted negligently in disclosing the information.

Given his training and experience, Sir Christopher should have realised that the information he disclosed was, or may have been, inside information and that it was not within the normal exercise of his employment to disclose it.

There is no evidence that Sir Christopher traded on the information or that he intended to make personal gain, or avoid loss, from making the disclosures.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said:

‘Private disclosure of inside information, especially by the Chairman of a listed issuer, risks investor confidence and the integrity of financial markets. Sir Christopher failed to properly apply his mind to the question of what information he could properly disclose.

‘Inside information is not a private commodity for those with privileged access to it. The law requires inside information to be disclosed properly and not to major shareholders or others in advance of announcements, as in this case. We will continue to rigorously enforce against breaches when we see them to ensure this important principle remains uppermost in the minds of issuers and their senior officers.’

Notes to editors

Sir Christopher’s actions amount to unlawful disclosure of inside information under Article 10 and in breach of Article 14 (c) of the EU Market Abuse Regulation.
Sir Christopher Gent Final Notice (PDF)
Find out more information about the FCA.

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The FCA has today released its latest statement on switching in the mortgages market.

The number of mortgage borrowers not switching their mortgage deal when they could save money by doing so has declined significantly since 2016. We now estimate that borrowers of 370,000 mortgages could save money by switching their mortgage but do not, down from 800,000 in 2016.

We estimate that around 110,000 would save less than £500 a year for 2 years, 110,000 would save between £500-£1,000a year for 2 yearsand 150,000 would save over £1,000 a year for 2 years.

Given the rising cost of living, it’s important that borrowers consider their options and switch if they can where it meets their needs and circumstances and saves them money. Lenders and mortgage intermediaries should support customers to do this and we recently asked lenders to consider what more they can do to encourage mortgage borrowers to think about switching to a less costly option where that is available.

We will continue to monitor the market, particularly given the impact on borrowers of increasing mortgage rates and the rising cost of living and consider what further steps we may need to take.

Our statement includes more detail on our recent findings and the actions we think borrowers and lenders should take.

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The Joint Regulatory Oversight Committee(JROC), a cross-authority taskforce responsible for, among other things, thinking about the future vision and governance of open banking, has announced the set-up of a strategic working group (SWG).

The committee believes there is potential to build on the progress of open banking, to drive further benefits for consumers and businesses, and maintain the UK’s position as a leader in innovation. As we do this, we are keen to work closely with the industry and other key stakeholders. The SWG will help facilitate this.

The SWG is a non-decision-making consultative forum for the committee to engage with industry and other stakeholders. It will provide the principal mechanism for stakeholders to input into the vision and strategic roadmap for further developing open banking, as well as to respond to queries the committee may have. The SWG will be made up of industry representatives, subject matter experts and other stakeholders, such as consumers and businesses. The SWG will be independently chaired. It will operate from August 2022 until December 2022.

Following a recruitment process led by the FCA and the PSR, as co-chairs of the committee, we have appointed Bryan Zhang as the independent chair of the SWG. Bryan’s responsibilities include selecting and appointing the SWG members, arranging and facilitating SWG meetings, collating stakeholders’ views in response to the committee’s questions and providing regular updates to the committee. He will report, and be directly accountable, to the co-chairs of the committee. Bryan is the Co-Founder and Executive Director of the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School.

In addition, the FCA and the PSR, as co-chairs of the committee, have asked the Open Banking Implementation Entity (OBIE) to provide administrative support in onboarding Bryan and ongoing secretariat support to assist Bryan in setting up the SWG. Our communications with the OBIE provide more detail.

Joint Regulatory Oversight Committee letter to Open Banking Implementation Entity, 24 June
Open Banking Implementation Entityletter to Joint Regulatory Oversight Committee, 5 July
Joint Regulatory Oversight Committeeletter to Open Banking Implementation Entity, 1 Aug
Open Banking Implementation Entity letter to Joint Regulatory Oversight Committee, 1 Aug

Sheldon Mills, Executive Director, Consumers and Competition, of the FCA, and Chris Hemsley, Managing Director of the PSR, the co-chairs of the committee, said: ‘We are excited to appoint Bryan to lead the SWG and look forward to working with him and key stakeholders to help define the vision and strategic roadmap for further developing open banking.’

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TheFCA has appointed Ruairi O’Connell, OBE, as the new Director of International.

Ruairi will join the FCA from the Home Office where he is Director, International. Ruairi has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo.

He will be responsible for helping to shape the FCA’s international strategy as well as, overseeing our international engagement including matters arising from the UK withdrawal from the EU.

Ruairi’s appointment follows the appointment of six new Directors in July as the FCA expands its headcount to meet its growing remit and the ambitious three year-strategy launched in April.

Nikhil Rathi, Chief Executive of the FCA, said ‘I am pleased to welcome Ruairi to the FCA’s new Senior Leadership Team to lead our international work, where he brings with him extensive experience of international affairs, security and strategy.’

Biography

Ruairí O’Connell OBE

Ruairí O’Connell joined the Foreign and Commonwealth Office in 2001. He began his career in the Eastern Adriatic Department and worked on a range of issueswith a particular focus on European security and sustainable economic development.

Overseas he served as British Ambassador to Kosovo between 2015 and 2019 and as Second Secretary Political and later as Deputy Head of Mission to the British Embassy in Kosovo (2004-2008).

In London, he served as Head of Unit of the Foreign Secretary’s Special Representative on Climate Change (2008-2010), Head of Strategy and Analysis in the Finance Directorate (2010-2011), Deputy Director of the London 2012 and GREAT Campaigns (2012-2013), Head of the Illegal Wildlife Trade Project (2013-2014) and as Deputy Director and Head of NATO Summit Unit within the Directorate for Defence and International Security (2014-2015).

He joined the Home Office in 2020 as Director, International.

Notes to editors

The FCA published its business plan and new strategy in April 2022. As the FCA’s remit is broad and growing, the three-year strategy prioritises resources to prevent serious harm, set higher standards and promote competition. The regulator will also, for the first time, hold itself accountable against published outcomes and performance metrics.

The FCA has made a number of recent senior appointments in support of its new strategy.

In addition to building its headcount to achieve its strategy, the FCA is expanding its national footprint, with plans to double its headcount in Scotland and announced its new office locationin Leeds earlier this week.

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This statement is for issuers and bondholders of outstanding LIBOR-linked bonds. The FCA is strongly encouraging issuers and bondholders of outstanding LIBOR-linked bonds to consider this information and take the necessary action to transition outstanding LIBOR-linked bonds to fair alternative rates.

Transition of outstanding LIBOR bonds

Many legacy LIBOR-linked bonds (including securitisations and other similar structures) have now been converted by mutual agreement of issuer and bondholders to Risk-Free Rates (RFRs) through processes such as consent solicitation.

We strongly encourage issuers of the remaining LIBOR-linked bonds (or those that may have a future LIBOR-linked dependency) issued under English or other non-US laws which make consent solicitation practicable, to schedule consent solicitation processes for conversion to fair alternative rates. The relevant RFR plus the industry-agreed spreads that have been used in successful consent solicitation exercises to date provide a model for such conversions. Responsibility for initiating this process lies with the bond issuer.

We also encourage holders of bonds without robust fallbacks or another mechanism to remove reliance on LIBOR, to engage with the relevant issuer(s) or their agent(s) and request that they initiate these conversion processes.

Some issuers and bondholders have benefitted from the temporary continued publication of the 1-, 3- and 6-month sterling and yen LIBOR settings using a ‘synthetic’ methodology. The FCA required publication of these synthetic LIBOR rates to avoid a cliff edge at the end of 2021. This has given issuers more time to arrange transition to more robust alternative rates.

However, publication of synthetic yen LIBOR will cease at the end of 2022.

We have proposed (see CP22/11) to cease the requirement to continue publication of the 1- and 6-month synthetic sterling LIBOR settings at the end of March 2023. We have also sought views on the earliest date at which the 3-month sterling LIBOR setting could also cease in an orderly fashion. If you will be affected by the cessation of any remaining sterling LIBOR settings, we encourage you to respond to our consultation which closes on 24 August 2022. Publication of synthetic LIBOR settings will be for a temporary period only, and relying on such publication is therefore not an alternative to agreeing conversion through consent solicitation, or other arrangements for longer-maturity bonds.

The US dollar LIBOR panel ends at end June 2023. While bonds issued under US law may benefit from US legislation to convert these to RFRs at end June 2023, there are also significant numbers of US dollar LIBOR bonds issued under English (and other non-US) law. These will not benefit from US legislation. However, conversion through processes such as consent solicitation is usually practicable under the standard terms of bonds written under non-US law in a way that may not be the case for those written under US law.

We have said previously we would consider whether it is desirable to use our powers to require continued publication on a temporary and synthetic basis of the 1-, 3- and 6- month US dollar LIBOR settings after end-June 2023. We are seeking views (see CP22/11) on market participants’ outstanding US dollar LIBOR exposure to help us make this assessment in due course. Given the global use of US dollar LIBOR, we are keen to hear the views of impacted stakeholders beyond, as well as within the UK. However, market participants should not rely on such publication. If we do require publication of any synthetic US dollar LIBOR rates, this will be for a temporary period only. For longer-maturity bonds conversion through consent solicitation or other arrangements will be necessary.

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On 29 July 2022 at Southwark Crown Court, Mr Larry Barreto pleaded guilty to two counts of carrying on regulated activities without authorisation.

The charges relate to advice provided and arrangements made regarding a series of regulated mortgage contracts between June 2014 and March 2018. Mr Barreto is an unauthorised and prohibited person and as such could not provide regulated financial services.

Mr Barreto is also charged, along with Mr Tassib Hussain, with an offence of committing fraud by false representation. They both deny committing this offence and will face trial on 23 October 2023.

Sentencing for the offences of carrying on unauthorised business will take place after the conclusion of the trial for the fraud offence.

More information

Fraud by false representation is contrary to section 1 of the Fraud Act 2006. It is punishable by a fine and/or up to 10 years’ imprisonment.
Carrying on regulated activities without authorisation is contrary to section 23 of the Financial Services and Markets Act 2000. It is punishable by a fine and/or up to 2 years’ imprisonment.
The FCA commenced criminal proceedings against Larry Barreto and Tassib Hussain for fraud and unauthorised business in April 2021.
Larry Barreto’s date of birth is 6 May 1955.
Tassib Hussain’s date of birth is 13 November 1979. He is charged with one count of fraud by false representation, which he has denied.

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