UK watchdog puts Financial.org on investor alert list

The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London
FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency’s headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

May 17, 2018

LONDON (Reuters) – Britain’s financial markets watchdog said on Thursday it had put UK-registered firm Financial.org on an investor alert list, warning investors from dealings with the company.

The Financial Conduct Authority said in a notice on its website that it believed the firm “has been providing financial services or products in the UK without our authorization”.

Reuters has reported that Financial.org, a sponsor of Formula One team Williams <WGF1G.DE>, is managing hundreds of thousands of dollars for Middle Eastern and Asian investors even though it is not licensed to engage in financial transactions.

Offering investment services without regulatory permission is a criminal offense in Britain.

Financial.org could not be reached for comment.

Williams did not immediately respond to request for comment.

The FCA’s action follows similar warnings from regulators around the world, including in recent weeks from the United Arab Emirates, the Philippines, Indonesia and Thailand.

(Reporting by Kirstin Ridley and Carolyn Cohn, editing by Sinead Cruise and Alexandra Hudson)

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