In a recent investigation, the Financial Conduct Authority identified a small network of five companies registered with UK Companies House, all using a residential address in Greater London. These firms’ websites were found to be in breach of Section 21 of the Financial Services and Markets Act (FSMA). Further analysis revealed that this network had expanded significantly, now comprising over 90 UK-registered firms at the same residential location. They also observed a rise in live websites that raised similar Section 21 FSMA concerns, consequently issuing 11 alerts to the FCA Warning List and requested the suspension of the infringing websites.
Reference: https://www.fca.org.uk/data/financial-promotions-data-2023
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