FCA warns over US adviser unauthorised in UK

The regulator said Faberton Financial Services LLC is not authorised in the UK but appears to be targeting UK consumers.

Faberton is a US financial adviser and investment manager specialsing in providing advice to businesses.

The firm is registered in Long Island, New York and is using the email info@fabertonfinancialservices.com to target UK consumers.

The watchdog warned that any UK clients who use Faberton’s services will not have access to the Financial Ombudsman Service (FOS) or be protected by the Financial Services Compensation Scheme (FSCS).

Faberton is the second US advice firm that the FCA has issued a consumer warning about this week.

Earlier this week the FCA warned consumer about New York-based financial advice firm Chartwell Advisors LLC that it believe may be providing financial advice in the UK without its authorisation.

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In its consumer warnings the FCA encouraged consumers to report firms that claim to be on the FCA’s Register but does not to contact its consumer helpline.

Scam enquiries to the FCA surged by a third between April and September 2021.

The FCA received 16,400 scam enquiries during the period, according to data from its annual report.

This was an increase of a third on the same period in 2020.

The regulator said the increase was due to savers becoming more aware of the potential for scams, and knowing what action to take. 

Over 1,836 consumer alerts were published during the period.

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