We have removed Renaissance Advisory Ltd’s permissions. It is therefore no longer authorised to carry out any regulated activities. Any investments with Renaissance may not be protected.
Renaissance Advisory Ltd’s connections with Marvell Enterprises Ltd
Renaissance is connected with Marvell Enterprises Ltd, which we recently issued a consumer warning about. Marvell appeared to have been carrying out investment activities for which it did not have permission and consumers may have invested substantial sums in bonds or loan notes issued by Marvell. Consumers may have been misled about the scope of Marvell’s permissions and the protection afforded to their investments. Due to this connection, we are concerned that Renaissance may also be offering investments to customers.
We believe these firms may be part of a network of credit brokers that are offering investments to consumers which may not be protected. Customers are strongly encouraged to see the information available on our website before making any payments in relation to investments.
Customers are also advised when considering an investment to check both that they are dealing with a firm that is authorised and that the firm holds investment permissions.
Investments with Renaissance Advisory Ltd
In general, a business does not have to be regulated by the FCA to raise funds by issuing shares or debt securities (such as bonds or loan notes). However, any investment services provided by firms regarding these investments are likely to be regulated, and subject to our rules.
Renaissance has never been permitted by the FCA to provide regulated investment services. Any investments offered by Renaissance could pose significant risks to consumers due to the potential lack of regulatory protection that would otherwise be afforded to them.
When Renaissance was authorised it did not disclose Marvell’s involvement to us or in other publicly available documentation. We have attempted to engage with Renaissance to understand their connection to Marvell, but they have not responded to us. We believe that there is a significant risk that Renaissance may have offered, or been intending to offer, investments to customers which were not protected.
Are investments with Renaissance Advisory Ltd FSCS protected?
It is important to remember that engaging with an authorised firm does not guarantee access to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service if things go wrong. Whether you can access these services may also depend on whether you have received any regulated services (such as investment advice) in connection with your investment.
The FSCS cannot accept claims that are for poor investment performance.
You can contact the Financial Ombudsman Service or FSCS to see if your investments are protected, and whether you may have a claim if things were go wrong.
If you are approached to make further payments in order to release an initial investment, you should seek independent advice before making a payment.
What about unauthorised firms offering investments?
Almost all firms offering financial services in the UK must be authorised and registered by us. Check our Financial Services Register to see if a firm or individual is authorised or registered with us and whether the ‘activities and services’ it holds permission for cover the service it is offering.
Always access the Register from our website, rather than through links in emails or on the website of a firm offering you an investment.
Use the FCA Warning List to check the risks of a potential investment – you can also search to see if the firm is known to be operating without our authorisation.
Not all investments are regulated by us (eg wine) – find out more about unregulated investment products.
Where can I find out more information about investing?
Before making any payments in relation to investments, we encourage consumers to see the information on our website, including our ScamSmart pages. In particular, customers should see our information on recovery room scams.
UK consumers are being increasingly targeted by recovery room scams. This is where fraudsters approach investors who have been scammed or had failed investments, offering to help them get their money back for an upfront fee.
Also see our published information for consumers considering investing in products offering high rates of return.