It was an intense week for the UK Regulator Financial Conduct Authority (FCA). No fewer than 28 investor warnings were issued in the week to 15 May 2020. Among them was warnings against two funds recovery service providers:
This means that the FCA has already warned three funds recovery providers within just a few weeks. The regulator evidently has a closer look at those kind of investment services. Rightfully so, many of them are scams.
On 6 April 2020, the regulator issued a warning against the Israeli Funds Recovery (www.funds-recovery.com) and prohibited the offer for the UK. According to the FCA, the nature of the business requires authorization by the FCA.
The FCA also states in its warnings that the two funds recovery providers could well be scams. Funds Recovery, in particular, is currently advertising massively on Google and is apparently looking for victims.
At this point, we would like to repeat our assessment that the majority of funds recovery services providers are broker scammers or former broker scammers who have themselves defrauded many retail investors.