WEAK CHECK LET A FALCON PREY

More suspect companies have been added to a web of firms feared to have taken “substantial” sums from savers.

The latest names are Falcon Financial Solutions Ltd and Thestral Financial Services Ltd, which the Financial Conduct Authority says are linked to a string of companies that are already the subject of consumer warnings.

The regulator warns that Falcon “poses a significant risk of harm to consumers” and the company has not provided evidence that its director “is a genuine individual”.

So why didn’t the regulator check the director’s details before giving Falcon authorised status?

And why was Falcon authorised only five weeks after being incorporated, when the process normally takes nearer to 21 weeks?

Shockingly, Companies House does not verify the details it is given, which is a fraudster’s dream.

The Treasury Committee’s report into fraud published this week has called for the incorporation fee to be increased from £12 to £100 to help raise money to fight the scammers.