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in News, Algarve, Business, Crime, Economy · 01 Mar 2021, 09:18 · 2 Comments
The Financial Conduct Authority said it would have imposed a substantial fine on the company if it had not already been in liquidation or owed its 136 creditors more than ten million euros.
While Premier FX was regulated by the FCA for money transfers, it misled customers into believing it could also hold their funds indefinitely in secure, segregated client accounts.
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This is a absolute tragedy for those that have lost money as a result of these crooks.
My piece of advice for any expat dealing with anything to do with money,savings,pensions etc is to only ever deal with large established multinational companies and banks.Do not try to be clever and cut costs.
The sad truth is many financial firms that set up abroad and especially where there are expats involved are shady at best.
Be warned and be vigilant!!!
By James from Algarve on 01 Mar 2021, 14:19
Agree James except that they were all bailed out by voluntary payment from barclays. Incredible luck for those who treated an unlicensed one man band as deposit taker on the basis of his... nice man ....comission agents touring the pubs and golf clubs.
By Edward from Algarve on 22 Sep 2022, 13:33