WIREDGOV

The Financial Services Compensation Scheme (FSCS) is warning consumers that it does not protect the customers of Diamond Savings Unlimited.

The company is using strong interest rates to attract savers. And it features FSCS’s logo on its website. So people may think FSCS is protecting their money with the firm. But this is not the case.

The Financial Conduct Authority has confirmed that the firm is not UK authorised.  As a result, FSCS cannot protect its investors and savers up to the limit.

FSCS has asked the firm to remove its logo from their web site.

An FSCS spokesman says: “FSCS only protects UK authorised financial services firms. People need to understand that Diamond Savings Unlimited is not UK authorised and we cannot protect their savings with the company. We have asked the company to remove our logo from their site to avoid misleading people.  If people want to make sure a company is UK authorised they should check the financial services register.”

The move follows a warning by the Financial Conduct Authority about the firm: 

http://www.fca.org.uk/news/warnings/diamond-savings-unlimited