Enforcement

Related information

Shareholder warnings

The template below can be used by listed firms in shareholder mailings.

Template [PDF]

The Financial Services and Markets Act 2000 (FSMA) sets out one of the FSA’s regulatory objectives as protecting consumers.

This warning list includes unauthorised overseas firms that the FSA has received complaints about in respect of their activities and/or the FSA has reason to believe they are involved, or have been involved in, activities that contravene section 19 and/or 21 of FSMA.

Such firms are often involved in ‘boiler room’ activities and pose a high degree of risk to consumers. They frequently engage in tactics including cold-calling members of the public offering shares that later turn out to be worthless or high risk. The callers can be very persistent and extremely persuasive. If you are cold-called by an unauthorised overseas firm in relation to stocks or shares, you should be extremely careful. If you are contacted in such a manner, the FSA advises that you simply terminate the telephone call – the most effective protection against such unauthorised firms is to have nothing to do with them.

The list of unauthorised firms is by no means exhaustive as new names are regularly added. The absence of a firm’s name does not necessarily mean they can be safely dealt with. Consumers need to be aware of the dangers that are posed by such unauthorised entities.

Further guidance and information on the dangers posed by such firms can be found on Moneymadeclear.

Compensation Guidance

If you have been contacted by an unauthorised overseas firm, it would be of assistance to the FSA if you would provide some information on your dealings with that firm by completing our on-line reporting form.


Last firms added - 27/11/08 (shown with an asterisk *)

Unauthorised overseas firms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

1st Columbus Management

A3 Union
Aberdeen Langley
Acorn Consulting
Acorn Investments
Advantage IEC
Advies Business Invest BVBA
Aims Management
Ainsley Consulting SL (now known as Mercier International Group)
Alberich Gerhard Securities Wordwide (aka A G Securities)
Alexander Holdings / Alexander Holdings Financial Group
Alexander Rothko Associates
Allen Brothers M&A
Alliance Capital Management
Allied Advisory
Ambro Investment Research
Amherst International
Andaman Asset Management
Anderson & Collins
Anderson Fitzpatrick (Switzerland) AG
Anderson Price
Anderson-McCormack Group SL
Anglo American Asset Management Ltd
Anglo Swiss Consulting
Anne's Diary
Anoli Capital International Inc.
Apex Management Limited
Arcfin Group
Argus Global Equities Limited
Arthur Forbes Consulting
Ascot Management Group
Ashby Limited
Ashford Langley - ashford-langley.co.uk
Ashley Partners Mergers & Acquisitions
Ashton Young and Associates
Asian Foreign Securities and Compliance Department
Asprey Associates
Associates Financial Advisors
Aston Capital (based in Frankfurt)
Aston Rowe Consulting
Atlantic Capital Management
Atwood & James SA Inc
Aurum Astrum AG
Avery Kingston Capital


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Baecker Dresner Saltzmann
B A Gelman
Bachmann Roth Advisory
Bagnestone
Bailey and Bennet Mergers and Acquisitions
Barclay Hoffman
Barrett and Packer
Barrett Associates
Barrington-Lynch
Barringtons Asset Management Limited
Barrington Securities
Bauer Associates
Bayer Investments
BB & E Consultants LLC
Becker Finch & Waldman
Bell International Asset Management
Belmont Shaw and Associates
Bench Group (The) aka Bench Group Options
BenjaminFisher SL
Benjamin Tate Associates
Berkeley Financial Limited
Berkley Murray Securities
Berkley Wyatt
Berkovic Consultants
Berkshire Tax Consultants
Berrington Stone
Birchfield Consultants
Bishop & Parkes Advisory

Black & White Investments
Blackstone Securities Ltd
Blakemore 66 Group
Blackwell Advisory
Blackwell Capital
Blossom Hill Investments
Bluehill Capital Venture
Bluestar Management
Blue Nile Consulting
Blue Source Strategies
Blundell Oliver

Boska Settlement Corporation
Boulton Capital Partners
Boulton Price International
Boyd & Landis M&A

Bradley Chen & Associates
Bradstone Healy & Pratt
Braun & Bridgewater Corporation (aka BBGC Corporation)
Breakthrough Venture Partners
Brecon Global
Bremer Financial Limited
Brentwood Hall
Brentwood Trust Company

Breslan Allied Limited
Bridgestone Trading
Brookfield Partners
Brown Brothers Harriman (NOT the authorised firm Brown Brothers Harriman)
Brunswick Knight
Bull & Bear Advisory
Burlington Ltd
Butterfield Advisors (based in New York) (butterfieldadvisors.com)

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Cadogan United Securities
Cambridge Global Inc
Cameron McDonald & Co
Cantwell International
Capgemini US- www.capgeminilaw.com
Capital Gain Investments

Capital One Management Inc
Capital Swiss Partners
Capital Venture
Capitol Hill Group

Carlton Birtal Advisory Services SL
Carlton First Capital Group Ltd
Carlton Global Management

Carter James SL
Cathay Asset Management
Certified Financial Consultants Inc
Chamberlain and Co.

Chamberlin Management Inc
Chapman Butler LLC

Chapman Foster Group SL
Charles Drake Associates
Charles Hirsch Capital Management, Inc.
Charles Wurth Associates
Charlton Hayfield & Co
Carlton Webber
Charterhouse International Inc./ Kensington Price Consulting
Chadwick Seymour & Associates
Charinton Group GmbH (The)
Chartwell Financial Services
Chesterfield Financial Associates
Chesterfield Partners
Chicago Board of Acquisitions Inc
Chilton reese & Associates
CISA SL Corporate Investment Services
Citicap Equity Consultants S.L
Citadel Group International
CK Investments

Clarington Group (The)

Clarkson Gordon Ltd

Clifton Financial Services
Clinton King
Clinton Parker Inc.
Cohen Green Advisory
Cohen & Partners

Cohen Edwards Asset Management
Cohen Hayward International
Colby Mergers
Coleman Brothers
Coleman Kleinfield & Associates
Collett Quinlan M&A
Collins Capital Management
Collins Tate & Murchison
Condor Research
Conquest Mergers
Continental Administrative Services
Cornhill Management SL

Crandale Group
Crane and Sterling
Crest Asset Management

Creston & Childs
Crestwell Analysis
Crickmore & Lutz
Cromwell & Pierce International
Crosby Capital Partners
Crown Fidelity
Crown Lancaster Equities
Crown Point Mergers & Acquisitions Limited
Cyrrus Capital
Cyrrus Capital Ventures
Cyrus Rushwood & Associates

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Damak Group
Dawson James Securities *
Delta Group, LLC
Delta Liaising
Delta Trade Financial Group
Dempster, Hampton & Duke
DG Schilling
Direct Settlements pte Limited
Dolphin and Bradbury
Donavan & Yung Partners
Douglas St James
Draven Mier Associates
Dunbar Mackenzie

Dunhill Capital
Dunleavy Investment Ltd

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E1 Asset Management

Edenbourg Advisory Services

Edward Tate

Elliot Price & Associates
Elliott & Partners Advisory (HK) Limited
Emerging Equity Group
Emerton Financial Services
Empire Compliance
Empire Investments (based in Luxembourg)
Empire Financial Group
Enterprise Analytics Inc
Equity Management Consultants International (EMC International)

Equity Research Group
Ernest Goodman
Esquela Investments Ltd
Euro Advisory

EuroAtlanticTrading.com
Europa Asset Management
Europa Equity Services
European Investment Group
Euroswiss Settlements Limited

Eurotraders

Evergreen Equity
Executive Group
ExTrader (Exxtrader.com)

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Fairchild Holdings and Advisory Firm
Fairchild Pierce
Fairchild Roth Financial Inc

Fernvale Associates
FIBO Group
Fidelity Capital Research

Fielding Clifford
Finallianz
Finance Continental Corporation
Finance Continental Inc
Financial Investment Solutions

First Chartered Capital Corp / First Colonial Trust
First Commodities Limited (incorporated in British Virgin Islands)

First International Equity & Acquisitions Inc
First Eurozone
Fleetwood Associates
Flemming Advisory
Focus AIM
Forbes First Financial Corporation

Franklin Asset Management (aka Jefferson Management)
Franklin York

Fraser Hunt Levine
Frazer Kennedy
Frazer White Group

Fridman, Koch and Saul (aka Cambridge Global and Amhers International)
Friedman Schnaier & Associates

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GAP International Services
Garrard Associates
Gatemoor Securities Inc
Gatemore Securities
Gemini Mergers and Acquisitions
Geneva International Finance Group (UK) Ltd
GICE Securities
Global Administrative Providers Inc
Global Advisory Group
Global Capital Equities
Global Clearing Services
Global Equity Management
Global Investment Advisors
Global Link Mergers and Acquisitions
Global Market Consultants
Global Micro Finance
Global Stox
Global Wealth Management
Global Wealth Partners PLC
Globe Trade Services
Globex International Group
Global Trading Center
Global Ventures Capital Partners
Globeshare
Globus Trust Limited
GMA Advisory Services Inc.
Godwynn International
Goldberg Kravitz (now known as Union Partners SL)
Goldfield Consultants
Goldman and Ross
Goodman Management Associates
Goodman Stern
Goodwin Capital Management (Based in Korea)
Gotthard Capital Partners
GPS Oil
Grandby Trading Investment Corporation
Grayson House AG
Great Eastern Securities Inc.
Greenwich Trust Ltd
Green World Solutions Ltd.
Greyson Management
GS Anguilla
GS Asset Management
GS Equity Group (trading name of Hodgson Brown Ltd)
GS Holdings International
Guardian Partners LLC
Guardian Worldwide
Gulf Building Society
Gun Allen Financial Corp


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Hachiro Mergers & Acquisitions
Hadley's Private Advisory
Hamlinton & Goldberg IA
Hamilton Asset Management (based in Spain)
Hamilton Hastings & Associates
Hamilton Pierce
Hampton Lloyd
Hamiltons Financial Services SL
Handel Ross Advisory
Handle and Case

Hannover Markka Capital
Hanover Holdings
Hanson Cooper

Hargill & Black Associates
Hargreaves Brennan
Harman Stockwell and Partners
Harper Mills and Paige Inc
Harrington Advisory Services/Harrington Advisory,SL
Harrington Kilbride
Harrington Lloyd
Harrington Management Ltd
Harrison Gibb
Harrop, Lees, Brown & Co
Hartford Management Group
Harvey and Baxter Asset Management
Hawkes Barratt Rossi Trading a/k/a HBR Trading
Hayward Clarke Financiers
HC Consultants SL
HCG International
Heartford Capital Management
Heinz Hokkaido International
Hemmingway Asset Management
Henderson & Rockwell Advisors
Henderson Young
Henley Consulting
Heritage Mergers & Acquisitions Ltd
Hirshall Group

Hilton Advisory (based in Germany)

Hoffman Philips SL
Hollinger Newcastle
Hopewood & Company

Hopkins, Pierce & Co Limited
Howell & Johnson Associates
Howell Schine & Co
Hudson Asset Management
Hughes Partners
Hugo Neu Corporation
Hunter Rowe Financial
Hutton Associates

Hyda Florsbanc
Hydrogain Technologies Inc

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IMS
Insta Trade Inc

Integra Advisory Group
Interactive World Trading Ltd
Intercap Management Group
Intercontinental Forex Services - www.intercontinentalfx.com
International Business Advisors
International Digital Sports Technologies
International Equity Advisors Inc.
International Finance Group
International Options Trading (PTY) Ltd
International Wealth Management
International Zurich Group, (also known as Internationale Zurichgruppe)
Investex Corporation Limited
Investor Relations Group
Investors Group International
Investors Management Services
Investor Tec (Geneva, Switzerland)
Invicta Advisory Services

Irvine Financial Intermediaries LLC
Irwell Advisors
Isaac Kline Securities

ITB Group
Ixis Capital Group

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Jackson Cole Investments
Jacobs & Burns

Jacob Stern
Jacob Stuart & Knight
Jackson Bernstein Associates
Jardine McKenzie
Jardine Windsor Asset Management
Jarvis Capital Management
Jefferson Clark Associates
Jefferson Holt Consulting

Jefferson Management (aka Franklin Asset Management)
Johnson & Brown
Johnson Matthews Associates
Jupiter Capital Research
J.P. Stuart and Associates
JR Hoffman and Associates
J Rowan Associates
JS Knight & Co. Limited
Juvet Management

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K P Allen
Kammer, Stuartt Reed
Kauffmann & Associates
Kavanaugh

Kennedy & Company
Kennedy Anderson & Lang Inc
Kenshin Capital Services
Kensington Capital
Kent Financial Advisors Inc
Kerona Trading Ltd
Kingsmead Private Equities
KLC Partners
Klein International
Klien Fisher (based in Geneva)
Kline Management Group
Knobel Lynch
Kobe Securities International
Koffmann Hatherway
Koppel Levine Associates
Kudos Financial Investments


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Lambert Macmillan Corporation
Lamont Group International
Landmark Trade Services Limited
Langdon Group
Langley Advisory Services AG
Laurus Capital Group
Ledge Goodman
Legacy International
Legend Merchant Group
Leonard Merlin
Liberty Assets inc
Liberty First Financial Services
Liberty One Advisors LLC
Limbaugh & York Associates
Lincoln & Ellis Asset Management
Lincoln Ventures
Linsure Holdings Inc.
Lion Equities Inc
Livingston Mergers and Acquisitions
Livingstone Asset Management
Lloyd Stanley (based in Switzerland)
Lloyds & Lambert Capital Ventures
Lombard Grand Inc
Lowe & Lane Asset Management
Lox International Group
Lucano Holdings Plc (aka Lukano Holdings Ltd)
Lyndon Pearce

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Macao Management
Madison and Silver Asset Management Inc

Maitland Bell & Co
Maganura Mergers & Acquisitions
Mannix Mergers & Acquisitions

Market Access Group
Marriott & Lloyds

Marshall Eastman Advisory
Marshall Lambert Group
Marshall Stanwick
Masahiro International
Masaru Associates
Matheson Lloyd
Matthews & Meyer Capital Wealth Management
Maxson & Associates Securities Ltd.
Maxon Capital Limited

Maxwell Fleming & Associates
McCarthy & Bennett

McKenzie Goldstein & Associates

McKenzie King Ltd
Meissner Goodison Lee & Associates

Mercantilebanc Securities Inc
Mercantile Sterling Management

Mercier International Group (aka Ainsley Consulting SL) / Mercier asset Management Inc
Merkater International
M F Asset Management
Midas Consulting Group
Millennium Financial Ltd
Miller Bosses Acquisitions INC.
Milton Dewar Asset Management
Milton White Advisors
Minerva Management
Montague Stearn Advisory
Montgomery Tate & Associates
Morgan Hurst
Morgan Philips Advisory
Morgan Soloman Inc
Morgan Young Financial Consultants
Morrison Cross Financial Investments Ltd
Morrison Douglas
Mount Royal Investments
Muller Lacroix Consultancy
Murdoch Finch Associates


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Nakamishi Financial Inc.
Nationwide Mergers and Acquisitions

Network Capital Partners
New Alliance Capital Management
Newbridge International
Newman Bell Mergers & Acquisitions
New York Financial Corp
Nexus Futures

Nivo Invest and Trade Corp
Noble Investments and Securities SL
Norsk Financial
Northern Alliance Group
North Point M&A Advisors LLC
Norwich Capital Mutual Funds Limited

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Oakmont International LLC
Oceanic Equities
Okamura Asset Management
Omega Advisory Group (based in Munich and Geneva)
Omega Capital Management
Omega Equities
Omega Financial Services (based in New Jersey USA)
Opes Ingenium Group
OPM Resources
Oxburgh & Palmer
Oxbridge International Limited

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Pacific Capital Trading Ltd
Pacific Federal SA
Pancisco International Ltd aka Pancisco Int Inc aka PIFX

Pan European Investment Management

Pan Pacific Financial
Papillion Associates
Park Lane Financial
Parker Forrester

Parker Lane
Parker Monroe Associates

Parker Rowe
Pearl Associates
Pearlman & Sinclair

Perlman-Haas Associates

Perpetual Suisse
Perrin, Holden & Davenport Capital Corporation
Peter Church Consulting (said to be based in Brussels)
Peterson McCormack Associates
Peterson, Paton & Edwards Capital
Phoenix (Mergers &) Acquisitions

Phoenix Asset Management SA
Phoenix Capital Partners

Phoenix Partners SL
Pioneer Equity Advisors
PICPAY or PICPAY.com
PIPS Financial Services

Platinum Asset Management (pty) Ltd
Platinum Index
Platinum Management Inc

Platinum Placements Management
Polson and Strong
Portland Advisory
Portland Capital Assets
Portman Manaheim Group
Portsmouth Escrow Service LLC
Premier Asset Management LLC
Premier Equities Limited
Premium Placement
Prentice Capital Management
Prestige Asset Management (based in Luxembourg)
Preston Wainwright Asset Management
Price Worley
Price Stone

Prime Forestry
Priority Venture Management
PROFIDEX
Provident Capital pte Ltd
PureInvestor.com Inc

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Quest Commodities Ltd

Radisson Venture Capital
Redwood Capital Consultants Limited
Reed Johnson International Inc.
Regency Advisory Group (Regency AG)
Regency Equity Consulting
Reichman Advisory SL
Rementon & Fitzgerald
Reynolds Group Limited - reynoldsfinance.com
Richard Watson Associates
Richmond Analysis
Richmond International
Richmond Royce Advisory Services S.L.U.
Ridgewell Capital Markets

RJL International Limited
Robinson Hurst
Rose & Cranfield
Rossford Mergers & Acquisitions

Roth Group GmbH (The)
Rothman Goldstein
Royal Assets and Research
Royal Asset Management of Canada
Royston Hobbs
Rubens Gold & Myer
RVC Markets
RV Corporate, or RV Corporate Finance (also known as RVC Markets)

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Sakuma Group
St James & Thatcher Associates

Schoefer Davis Limited
Schotts Capital Managements
Scott Fitzgerald Group
Security Advisory Group
Seisma Oil Research LLC
Sentinel Trading Investment Corporation
S G Financial
Siegar Private Limited
Simon Eastwood Asset Management
Silverthorne and Chambers Inc
SKI 4 U SNC
Sloane & Rutherford
Smart Marketing Services
Smith and Gianni Partners

Smith Fairchild
Smith Kearney M&A - www.smithma.com
Solomon Lloyd
Southern Cross Mergers & Acquisitions
Sovereign Pacific Inc

SpencerFerguson Financial Services/SpencerFerguson Wealth Management
Spencer Group
SP Trade Investments Capital Limited

Standford Long
Stanfield Moritz Associates

Stanley Equities Investment Advisors

Stanley Riebeck Corporation
Stanmore Advisory Group
Stanton Berkley
Sterling Manhattan
Stockcom Tradez Inc aka www.stockcominc.com
Strategic Corporate Services
Strategic Investment Group
Stratford Advisory Services

Stein Banc Commerce
Steinberg Investment Research AG - www.sir-suisse.com
Steinbrueck Financial Services
Stein Fitzgerald Associates/Stein Fitzgerald Group
Stephenson Moore Consulting
Stockwell Investment Group
Stonewell Finance
Sukumo Group
Sullivan Ross
Summit Mergers and Acquisitions (New York)
Sunwide Finance
Swiss Atlantic Securities AG
Swiss Management Consulting
Swiss Financial Group
Swiss Trust Advisory
Syndicate Group International
Synergy Mergers & Acquisitions
Synergy Wealth

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Taiyo Financial
Takeshi Finance
Tana Corum Holdings
Taylor Bancroft
Taylor King & Associates
Taylor Hargreaves (Geneva, Switzerland)
Taylor Morrisson
Templar International
Templeton Consultants
The Ashton Lewis Group
The Research Group
The Roth Institute
The Settlement Group

Thibault Capital Markets
Thomas Cohen

Thompson Weinberg
Thomson Hill Group
Thompson Miller Group
Thomas Weisel Group Europe
Titan VC Zurich/TVC Zurich
Total Asset Management
Total Financial Limited
Tradelinx Investments Limited/Tradelinx Securities Group
Transatlantic Group Mergers & Acquisitions
Trent Advisors
Trenton Hassel Investment Limited

Tresaderns & Partners SL
Tri Capital Management
Tricontinental Capital Corporation

Trident Market Advisors
Trinity Finance International

Trillium Drake
Trinity Management
Troy Lansdowne
Trustnet International
Turquoise Development Company

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Union Partners SL (formerly Goldberg Kravitz SL)
Unified Investment Group Inc
Union Acquisition Group
Universal Management Services
Universal Partners
Univest Limited

US Capital FX
US Petroleum Holdings

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Van der Halen Equities
Van De Vries Partners
Vanderhoff Group
Vanguard Financial Services
Vanzandt
Vertex Commodities
Vertical Analysis (aka Analytics)
Vision Commodities
Von Bismarck Global Investment Research
Voyager Investment Management

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Wakefield & Stern
Wakefield Lieberman
Wakefield Partners
Wakeford & Goodridge
Waldon McLean Associates
Walker Stone
Wall Street Organisation
Warren Sitco & Company
Warrick Management Group Ltd
Waterhouse Scott Ltd
Weber Goldstein
Webster, Cohen & Galombik Inc
Weizman Associates
Wellington-Duke & Associates
Wellington Trading Group
Wellington Mergers & Acquisitions
Westcomb Capital Management
Western Royal
Westgate Capital Management
Westminster Group
West Shore Ventures Limited
Wiess and Associates Ltd
Wilkin Associates
Willmont Financial SL
WindRiver Capital
Windsor Asset Management
Woodbridge Investments Group (woodbridgeinvestmentsgroup.com)
Woods and Sheldon
World Capital Securities
World Market Resources
World Trade Financial Corporation
Worldwide Bio Refineries
Worldwide Research Group
Worthington Financial Group
W R Bainbridge

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Yamato Associates
Yee Seng Global

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Zen Investment
Zenith Commodities
Zimmerman Consultants

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See also

Unauthorised firms / individuals
This lists the names of some firms and/or individuals who are not approved or authorised by the FSA to conduct regulated activities.

Unauthorised internet banks
This list contains the names of entities promoting themselves over the internet and purporting to be banks and/or offering banking-type services, however none are authorised by the FSA.

Notices/warnings issued by other foreign regulatory authorities
This is a list of notices/warnings issued by other foreign regulatory authorities regarding firms conducting unauthorised business in their jurisdiction.