Independent, The (London): FSA rounds up list of cowboy financial firms

THE FINANCIAL Services Authority yesterday issued a new blacklist of unauthorised firms people should steer clear of.

They are: Premier Equities Limited; Millennium Financial Limited; Pacific Federal SA; World Trade Financial Corporation; Globeshare; Fielding Clifford; Mercantilebanc Inc; Allied International Investment Limited; Carter James SL; Stein Morgan International and West Shore Ventures Limited

Carol Sergeant, the FSA's managing director for enforcement, said: "Dealing with unauthorised firms is like playing Russian roulette with your money. You may be lucky and have no trouble in your dealings with such a firm, but if things go wrong you will have no complaints or compensation scheme to turn to. Consumers rarely get a fair deal from unauthorised firms.

"Is it worth taking the risk? It's better to call us first and check before you part with cash. Don't hand over money immediately: insist on time to think about the offer. Don't agree to anything until you are happy. Do be wary of deals that sound too good to be true. They usually are."

To check if a financial firm is authorised, call the FSA 0845 606 1234 or go to www.fsa.gov. uk/consumer and click on Firm Check Service.