Post by squid on Oct 3, 2019 10:05:48 GMT
I have no blame for the high-street bank which I used to transfer fairly considerable sums to Collateral over a a period of 18 months or so.
However, I have today raised a complaint with them because under their how to avoid investment scams section they are still advising potential investors to check the FCA register (with a link to the register) to see if a company you are thinking of doing business with is actually authorised to provide regulated financial services - in order to avoid unscrupulous operators.
My complaint here is that this advice from my bank would lead investors to believe that the FCA register is therefore accurate and can be relied upon, as there is no disclaimer to say otherwise. The bank is currently looking into this issue..
I have asked that the advice they have recommended - to check the FCA register to avoid investment scams or unscrupulous operators - needs to include a disclaimer to state that the register must not be relied upon as being accurate (so basically it is somewhat pointless).
If the bank does change its advice as a result of my complaint, it might at least embarrass the FCA, and raise the further issue of what alternative advice the bank might instead provide.
If the bank doesn't change its statement about their recommendation of checking of the FCA register to include a disclaimer about not relying upon its accuracy, then I will likely bring a further complaint in due course for their continuing to knowingly publish advice which might be considered as being misleading.
Perhaps other Collateral investors might like to look at the information which their bank provides on how to avoid investment scams, and based upon our experience in this case, if it might be considered as being in any way inaccurate, incomplete, or misleading.
However, I have today raised a complaint with them because under their how to avoid investment scams section they are still advising potential investors to check the FCA register (with a link to the register) to see if a company you are thinking of doing business with is actually authorised to provide regulated financial services - in order to avoid unscrupulous operators.
My complaint here is that this advice from my bank would lead investors to believe that the FCA register is therefore accurate and can be relied upon, as there is no disclaimer to say otherwise. The bank is currently looking into this issue..
I have asked that the advice they have recommended - to check the FCA register to avoid investment scams or unscrupulous operators - needs to include a disclaimer to state that the register must not be relied upon as being accurate (so basically it is somewhat pointless).
If the bank does change its advice as a result of my complaint, it might at least embarrass the FCA, and raise the further issue of what alternative advice the bank might instead provide.
If the bank doesn't change its statement about their recommendation of checking of the FCA register to include a disclaimer about not relying upon its accuracy, then I will likely bring a further complaint in due course for their continuing to knowingly publish advice which might be considered as being misleading.
Perhaps other Collateral investors might like to look at the information which their bank provides on how to avoid investment scams, and based upon our experience in this case, if it might be considered as being in any way inaccurate, incomplete, or misleading.
