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The Financial Services Authority (FSA) today warned consumers who bought financial products through UK Expatriates Independent Financial Advisory Services (UEIFAS) that their investments may not be as safe as they thought.
The company, which traded from offices in both Middlesbrough and its registered address in Wrexham, north Wales, appears to have closed down, but may have taken some of its customers' money with it.
The financial regulator urged consumers who invested money through UEIFAS to check the status of their holidngs with their investment provider.
It believes UEIFAS may have cashed in investment products - believed to be mostly bonds - taken out on behalf of its clients, without their knowledge or consent, or failed to return those funds to them. In other cases it may have also failed to pass its clients' money on to the relevant investment provider.
Today's warning is the latest of a steady trickle to come out of the FSA. Since the credit crisis gathered pace, the regulator has banned a number of mortgage brokers from operating and issued several warnings about named independent financial advisers.
On Thursday, it issued a "consumer warning" about a firm of financial advisers - The Financial Associate, based in Sidcup, Kent - after uncovering alleged problems relating to mortgage applications. The watchdog said the warning was aimed at people who had taken out a home loan with the firm, or who were in the process of doing so.
Anyone who had financial dealings with UEIFAS, which operated from offices at 7a Oxford Road, Middlesbrough, Cleveland, TS5 5DY or 51 Westbury Drive, Pandy, Wrexham, LL12 8PZ, is advised to contact Simon Stokes at the FSA by email or telephone (simon.stokes@fsa.gov.uk or 0207 066 3124). The company's FSA regulated member of staff is Adrian Bancroft.
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