Feeds

FSA hit squad probes for dodgy financial sites

Trying to mislead consumers?

  • alert
  • submit to reddit

The essential guide to IT transformation

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. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

Best practices for enterprise data
Discussing how technology providers have innovated in order to solve new challenges, creating a new framework for enterprise data.
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.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?