The DeliveryDemon is sick to the back teeth of the legions of scammers who employ phone drones who are thick enough to expect people to believe them when they call out of the blue and try to scam all the personal data needed for ID theft and financial crime. When she can be bothered, she reports them to the appropriate regulatory bodies. DeliveryDemon does not have much faith in the great British bureaucracies, and in this she is rarely disappointed.
Take for example a call received recently from some sleazy bunch in Manchester calling themselves Beyond Comparison, pretending to offer free insurance. Obviously, the FCA should know about this sort of thing since either the company is regulated and not conforming to the rules, or it is not regulated and shouldn’t be peddling financial products and advice. In this case, the DeliveryDemon saw that they are registered with the FCA, so reported appropriately. She was somewhat flabbergasted to receive a reply claiming:
- I’ve found an entry for Beyond Comparison.Com Limited (click link to double check), but I don’t know whether this is the same firm that contacted you.
- If you do business with a firm we don’t regulate, you won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if you have a dispute or something goes wrong.
- You haven’t provided me with enough information about who has contacted you for me to pass it anywhere. If you would like to provide us with any more information, you may wish to use our unauthorised firms reporting form
Yes, the FCA regulate this company but is indulging in a coverup by pretending it might be another company calling, and uses the opportunity to try and frighten a complainant by abdicating responsibility for companies operating within the FCA’s remit without authorisation. The FCA can identify the company as one it regulates but says it doesn’t have enough information to do anything about its malfeasance, and suggests I report it as unauthorised. Yes, really, the FCA suggests the DeliveryDemon should report an authorised firm as being unauthorised!
So what is the FCA choosing to ignore?
- The DeliveryDemon has provided the company name, which is registered with the FCA.
- The company call from a Manchester number and the company’s registered office is in Manchester
- The company is phoning people claiming to hold data about them, which they are not authorised to hold.
- The company are quoting as a source of personal information a company which has been dissolved for several years and never had authorisation to hold such information.
- The company start by misleadingly offering free insurance, and only back off from this when explicitly queried about whether the caller is authorised to offer financial advice.
- The company claim to be holding personal information but do not have a data protection registration
If the FCA can’t identify the company from the first two items, there’s something badly wrong with its process. If the FCA regards the other items as acceptable, it’s hardly surprising that the British financial sector is rife with corruption. But if the FCA isn’t going to get off its backside and do a bit of regulation, why the hell should the British taxpayer be paying nearly half a billion a year for this useless bureaucracy? Not only can we not trust financial companies, we can’t even trust the regulator to do its job.