FCA has published a consumer warning on Grosvenor Associates Limited. It says it has removed the firm’s permissions, so it is no longer authorised to carry out any regulated activities and investments with it may not be protected.
FCA removed the permissions because it is concerned about the firm’s links with Marvell Enterprises Ltd, a firm which appeared to be carrying out activities it did not have permission for, and FCA says consumers may have invested significant sums in bonds or loan notes Marvell issued.
FCA also says it believes these firms may be part of a network of credit brokers that are offering investments that may not be protected. It reminds consumers to look at information about firms on its website and to check the firm has relevant permissions before dealing with them. Although the issue of shares or debt securities is not of itself regulated, the attendant investment services are likely to be. Grosvenor has never had investment permissions, and did not disclose its connection to Marvell in any way, and has now not responded to FCA’s queries.