The firm doesn’t have the required FCA authorisation to operate in the UK
The FCA has warned consumers about dealing with Youcompareinsurance.
The authority believes the firm has been providing services or products in the UK without FCA authorisation.
In a statement it said: “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.
“However, some firms act without our authorisation and some knowingly run investment scams.
“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”
Customers that give money to a firm unauthorised by the FCA are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme.
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