FCA warning against dealing with unauthorised firms
The Financial Conduct Authority has published a statement to warn business owners and investors against dealing with unauthorised firms offering finance to businesses.
Recently, there have been reports of local businesses attempting to deal with "The British Business Fund" who promise to provide business grants in return for an arrangement fee. The Financial Conduct Authority (FCA) believes that this firm has been offering financial products without the body’s authorisation, which is required by almost all UK financial services firms.
The identified brokerage is Grants Limited (clone), also trading as The British Business Fund. The FCA clarifies that this firm is not affiliated in any way to grants limited, a subsidiary of Green Property Limited, Ireland.
The details of this firm are: Telephone: 01928 503 716
Websites: www.growwithgrants.com or www.alternativebusinessfinance.org or http://www.thebritishbusinessfund.com/
The FCA strongly advises that professionals only trade with financial firms that are FCA authorised and reminds that, if money is given to an unauthorised firm and problems are encountered, the funds cannot be recovered by the Financial Services Compensation Scheme (FSCS).
For more information, please visit www.fca.org.uk/news/warnings/grants-limited-clone
If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact the Financial Conduct Authority Consumer Helpline on 0800 111 6768.
If you require assistance with access to business finance more generally, please contact Business Gateway, The Highland Council’s business support agency. You can find your local Highland office at www.bgateway.com/highland.