Asset Backed Management, an unauthorised firm that was paid between 27.5% and 40% commission to promote bonds, has been wound up by the High Court.
The court heard the firm sold "asset investment opportunities" to the public by cold-calling customers and promoting the investments through its website. Incorporated in January 2017, Asset Backed Management was never regulated by the Financial Conduct Authority (FCA), nor did it employ any FCA-authorised people or have its marketing material approved by the regulator. The firm took commissions ranging from 27.5% to 40% from the issuers of the bonds, which were deducted from customers' investments. FCA wins High Court case against unauthorised forex firm Despite the company fail...
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