FCA Warns About Retardio Token Over Unauthorized Advertising
Concerned about illegal financial marketing and actions aimed at UK consumers, the Financial Conduct Authority (FCA) of the United Kingdom issued a warning over the Retardio project, which is based in Solana. The FCA warned the Retardio project on December 16 that the token might be offering or advertising financial services without the regulator’s consent. To guarantee proper protection, the watchdog warned customers to always do business with FCA-approved companies.
No Refunds or Compensation: FCA Flags Risks of Retardio Project to UK Consumers
The Financial Ombudsman Service, which resolves complaints between customers and financial services companies, would not be available to UK-based users who interact with the Retardio project, the FCA said. The Financial Services Compensation Scheme (FSCS), a scheme that safeguards customers in the event that financial businesses fail, would not provide consumer protection, the regulator added.
This means it’s unlikely you’d get your money back if the firm goes out of business,
the FCA
The FCA encouraged people to do business with approved companies. According to the regulator, consumers are more protected when things go wrong with recognized businesses. According to the financial services regulation, consumers can verify that the business they are interacting with is permitted in the UK by looking at their registration. Customers should report unapproved businesses by using their official channels, the government office advised.
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