Financial Services Regulatory Authority
CONSUMERS
Scams and warnings
The advent of high speed internet connectivity brings with it increased risks that consumers will be the target of online investment scams.
Where we become aware of scams specifically targeting consumers on the islands, we will include an alert on our website.
In the meantime, we urge consumers to pay particular attention to potential scams involving cryptocurrencies.
How crypto investment scams work
Crypto investment scams are on the rise. Fraudsters tend to advertise on social media, often using images of celebrities to promote the fake investments. But they may also target people searching for investments online, through search engines like Google and Bing.
The scam adverts often link to professional-looking websites, where fraudsters may manipulate software to fake prices and investment returns. Once you’ve invested, the scammers may act quickly, closing your account and taking your money. Or they may continue the pretence, to encourage others to invest. You may not even realise you’ve invested in a scam until you try to sell your investment.
Complaints
How do I complain?
If you feel that you have been treated unfairly by a regulated firm or you are unhappy with the service provided to you, you may wish to complain.
In the first instance, you should contact the firm and formally raise the complaint. We recommend that you put your complaint in writing to ensure that there is a record of the communication between you and the firm. All firms regulated by the FSRA are expected to have in place appropriate procedures for complaints handling. Details of the firm’s complaint procedure should be available to you on request and be designed to ensure that your complaint is appropriately addressed and dealt with in a thorough and prompt manner. Once your complaint has been made to the firm, if you are not satisfied with the response provided, or believe that you have a case for financial compensation, you may wish to consult a legal adviser on the merits of pursuing a claim through the courts in St Helena.
What can the FSRA do?
All regulated firms must adhere to our Fit and Proper standard. In our statutory role, we can consider the firm's conduct, to establish whether that standard has been satisfied in its dealings with you. If we believe that it has not been met, we can take regulatory action against the firm in question. However, the FSRA is not able to perform the role of an arbitrator, Ombudsman or Court, nor can it provide a complainant with legal advice.