FCA places requirements on firm that gave misleading information

FCA has issued two supervisory notices against Samweb (UK) Limited, a claims management company, following concerns that its communications could mislead customers. FCA was concerned the firm had:

  • breached various standards when approving financial promotions about mortgage securitisation claims, not least because they misled customers about the chances of success; and
  • registered names or near identical names of unauthorised entities as trading names of the firm, which gave the impression that unauthorised firms were in fact authorised.

FCA has stopped the from carrying on any regulated activities, has banned all its current promotions and also prevented it from communicating or approving any further promotions.

Emma Radmore