Recovery firm fraud occurs when scammers target the victims of financial fraud, offering to try to get their funds back for a fee.

The FCA's second warning is about BubbleXT, a firm believed to be operating from an address in Zurich, Switzerland. It is not authorised to transact regulated business in the UK.

The FCA first issued a warning about BubbleXT in October 2020 when it said it believed the firm may be providing financial services or products in the UK without authorisation.

The FCA said it had become aware that consumers were being targeted by scammers who have set up 'recovery rooms' with promises of returning their funds for a small upfront fee. The scams included false emails claiming that the FCA was sponsoring the recovery schemes.

The FCA pointed out that it would never suggest consumers should make payments to recover lost funds.

Yesterday the FCA issued a second warning stating that it believed that consumers were still being targeted by BubbleXT.

It stressed that any consumers using the firm would have no recourse to protection by the Financial Ombudsman Service and would be unlikely to get their money back if things went wrong.

The details given by the FCA for BubbleXT are:

Address: Suit 4C Paradepl Street, No. 6, Zurich, SWITZERLAND, 8001

Marktgasse 2, Suite 7550, Zürich, SWITZERLAND, 8001

Telephone: +442080683211, 01416110010

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.,

This email address is being protected from spambots. You need JavaScript enabled to view it.

Website: www.bubblext.com

The website appeared not to be working this morning.

The FCA also warned that some rogue firms may give other contact details or change their contact details over time.

Consumer have been again urged by the FCA to check the Financial Services (FS) Register to ensure the firms and individuals they deal with are authorised or registered. 

Reports about firms suspected to be unauthorised or involved in scams can be made to: FCA Consumer Helpline on 0800 111 6768. The FCA also has information online for people who believe they have been approached by a scam firm, contact us page.