The FCA’s complaints team has been labeled ‘inadequately resourced’ and dogged by ‘basic failures’

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.

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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’

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.