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  • Writer's pictureShashin Patel

Premier FX - Based in Algarve, Portugal – Check your advisors are covered by the FCA and FSCS

Have you, a friend, colleague or family member invested in a company which is FCA (Financial Conduct Authority) protected.

Great if so it is vital you make sure the services they provide to you are also protected by the FSCS (Financial Services Compensation Scheme).

When you invest you don’t expect the company to go bust, into liquidation or to cease trading, unfortunately that could be a reality in business.

Trish Paling invested £270,000 of her life savings into Algarve based Premier FX – They were in the process of exchanging her money into euros as she intended to move abroad to Portugal.

Trish should have been living her best life happily abroad with her husband, Premier FX went bust and ceased trading ruining and ending all hopes of a happy retirement.

Premier FX were FCA regulated – so you would think Trish got her money back. This was not the case the services Premier FX provided to Trish were not covered by the FSCS.

Remember a company may be FCA regulated but not all the services they provide will be regulated by the FSCS.

The FSCS protection only applies to certain types of regulated activity.

FSCS can offer up to £85,000 in compensation per person – This means Trish and her husband would have been able to claim up to £170,000 together if Premier FX’s services were regulated – they must wait now to see if the administrators can claim some of the money back, there is no guarantee of this.

Trish worked and saved hard for her pension, she may never see the money again.

Invest smart, invest safe make sure the company is FCA regulated.

Amit Patel, Strax Capital Legal Limited

If you have a query, need some help, please don’t hesitate to get in touch at info@straxcapital or call us on 02031517150.



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