The Financial Conduct Authority (FCA) has issued a warning regarding Asset-Savings, a firm allegedly offering financial and crypto-related services without proper authorization. The FCA's announcement highlights that Asset-Savings may be promoting financial products or services in the UK without the necessary FCA authorization.
According to the FCA, Asset-Savings lists an address in Shirehampton, Bristol, and utilizes emails such as support@asset-savings.com and support@evergrow-wealthinvestment.com. The firm's website is https://asset-savings.com. The FCA cautions that contact details provided by such firms can be misleading or belong to other entities. Customers engaging with this firm are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme, which means they would likely not recover funds if issues arise.
UK cryptoasset businesses are required to register with the FCA under the Money Laundering Regulations if they intend to offer services falling within those rules. This requirement applies even to firms already authorized for other financial services. Registration involves submitting an application through the FCA's Connect system, paying applicable fees, and providing detailed information about the business, its activities, and key individuals. All officers, managers, and beneficial owners must pass a "fit and proper" assessment. The FCA evaluates past convictions, regulatory compliance, and business conduct during this process. Misleading or incomplete applications may be rejected.
In a related development reported by a press release from the FCA, CB Payments Limited (CBPL), part of the Coinbase Group, was fined £3.5 million for allowing 13,416 high-risk customers to access crypto trading through other Coinbase entities despite restrictions. This resulted in $226 million in transactions. The FCA attributed these failures to inadequate controls that increased money laundering risks. This enforcement action marks the first under the Electronic Money Regulations 2011.
Learn Signal reports that the Financial Conduct Authority (FCA) was established on April 1, 2013, succeeding the Financial Services Authority (FSA) as part of a comprehensive reform of the UK's financial regulatory framework following the global financial crisis. Operating independently of the UK government, it is funded by fees charged to the financial services industry. Its primary objectives include protecting consumers, ensuring market integrity in the UK’s financial markets, and promoting effective competition in consumers' interests.