Further evidence the FCA is unfit for purpose.
I posted that someone had sent me an auto reply from the FCA last week showing they were 4-8 weeks behind in just replying to complaints – complaints about the FCA themselves.
They are fucking useless.
Now the guy in charge of that mess is in charge of the Bank of England.
Register to see article here https://citywire.co.uk/new-model-adviser/news/fca-complaints-team-dogged-by-basic-failures
I cannot shout it any louder. The FCA are useless in tackling financial scams.
They pretend they are working with other regulators and agencies – there was a recent PR piece by the FCA stating they were working with Ofcom.
Reality – in March a scam ring was promoted by both the BBC and Channel 4 – nothing has been done, nothing.
Add on top scammers in the UK have been going years – in some cases a scammer has been active for 4 years – people reported him to the FCA and the FCA did nothing – he is still scamming today.
The FCA investigation team are a joke. They can’t even view this blog because they cite they are behind a firewall – what the hell are they “investigating”?
The FCA warning list is a farce – it contains a tiny fraction of the scammers active in the UK.
Then, the FCA do nothing with a warning. It goes nowhere – they publish it and thats it. No one is notified. Not Police, not banks, not the fraud service, not HMRC – NOTHING.
The FCA MUST urgently work with;
– Police / Fraud Intelligence Bureau (action Fraud) / SFO
– Trading standards
– Social Media/Web Companies to take scam pages / adverts down
– Payment providers & Banks
That means actually creating a task force to close scammers down.
Note the UK NCSC (GCHQ) has now been jolted into action this week to tackle online scams because of Covid-19 by launching a ‘suspicious email reporting service’ – https://www.theregister.co.uk/2020/04/21/ncsc_email_scam_takedown_address/
The UK is now playing catch-up from years of inaction – they are miles behind.
The scammers have run rings around the UK agencies/regulators and they wonder why there are so many Covid scams.
It takes a crisis to show things up.
This level of scamming was already here – this isn’t new. The scammers have simple employed the very same methods and infrastructure and put the title of “Covid-19” on it.
Now everyone can see what I have been bleating on about.
Note in the above article on Action Fraud (UK Police Fraud Intelligence Bureau) – “a million computer misuse crimes last year, Action Fraud is only passing 2% of cases to cops”
In a case where I reported bank fraud, Action Fraud never even came back to me.
Note how Action Fraud are falling over themselves to help Mike Watkins – a scammer creating vexatious/bogus reports – sigh.