Feeds

FSA hit squad probes for dodgy financial sites

Trying to mislead consumers?

  • alert
  • submit to reddit

Maximizing your infrastructure through virtualization

The FSA is to probe more than 50 Web sites targeting UK users following an undercover "surf day" into Internet scams.

A top surveillance squad of 31 FSA staff spent a day browsing more than 600 sites for signs of dodgy financial market activity. The search turned up 53 sites that warranted "further investigation", with the FSA vowing it would "take action where necessary to put a stop to unauthorised activity".

The surf day was an worldwide event co-ordinated by the International Organisation of Securities Commissions on 28 March. The FSA was one of 21 regulatory groups from 18 countries taking part.

The unlucky sites earmarked for further investigation included those which appeared to offer unauthorised investment advice or investment deals, or which advertised investment products in breach of the law, the FSA said.

"We and our colleagues have identified a number of sites that might be trying to mislead consumers," said Dan Waters, FSA director of enforcement.

But Waters urged consumers to check with the FSA that firms were authorised to do financial services business before parting with their hard-earned cash.

"The Internet brings many benefits, including access to markets and information, but consumers must remember: if it looks too good to be true, it probably is," he said.

For the past few months the FSA has been warning investors to be wary of trying to make a quick buck out of the Internet. ®

Top three mobile application threats

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.