Regulator Warns Against Unauthorised Entity
The Financial Conduct Authority has issued a warning regarding Bondsterling Savings Ltd, an unauthorised entity operating as a clone of a legitimate FCA-authorised business. According to the regulator, fraudsters are falsely using the name Bondsterling Savings Ltd alongside the email address support@bondsterling.uk and the website www.bondsterling.uk to convince individuals they are dealing with a genuine financial services provider. The regulator notes that scammers often mix false contact details with the legitimate information of authorised organisations and may alter their details over time.
Risks and Consumer Protections
The FCA highlights that dealing with unauthorised entities means consumers cannot access the Financial Ombudsman Service for complaints, nor will they be protected by the Financial Services Compensation Scheme if the firm collapses, making the recovery of funds unlikely. However, individuals who transferred money to a scammer on or after 7 October 2024 may be eligible for protections introduced by the Payment Systems Regulator. The fraudulent operation has no connection to the genuine authorised firm, Bondsmith Savings Ltd, which holds the Firm Reference Number 1021751 and operates via www.bondsmith.com. The FCA advises the public to verify firms using the official Firm Checker tool and to report suspicious approaches.