Compliance/Regulation

This is a discussion on Compliance/Regulation within the General Trading Chat forums, part of the Reception category; I would be grateful for those with some legal knowledge to help me identify what compliance remedies are available in ...

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Old Jun 3, 2006, 7:52pm   #1
Joined Oct 2004
Compliance/Regulation

I would be grateful for those with some legal knowledge to help me identify what compliance remedies are available in the following circumstances where claims are made that are exaggerated.

I am concerned about Greg Secker, trading as, or using, one or more of the following: Secker Investment Institute, Knowledge to Action; Traders University, Livetradingfloor, virtualtradingfloor.

Until recently the principal activity of Mr Secker has been to promote very expensive seminars, coaching, newsletters and other similar activities to I suspect, in the main, inexperienced members of the public. The claims made to encourage people to sign up are, in the view of most traders, highly exaggerated and never independently substantiated. However I believe these seminars are an unregulated activity - sadly!

However recently Secker has managed to get one of his organisations "Knowledge to Action" appointed as a representative of Direct Sharedeal Ltd in Glasgow. That seems to provide authorisation for him and any of his 'coaches' to give 'advice'. The compliance for this activity is being carried out by an Edinburgh firm who are the same firm that provide compliance services for Direct Sharedeal. The purpose KtoA's FSA authorisation appears to be allow Secker to begin his livetradingfloor service which went live on 1/6/06.

I have seen material about this which implies that it is possible to get returns of 30%+ per month.

I have also seen an emailer which mentions live trading indirectly and is sent out from an email address virtualtradingfloor, but is mainly concerned with promoting his seminars, again using what I consider to be exaggerated claims. There is one implied claim, written as a testamonial: ..."So far in 4 months I am up by 127%"

So my questions:
  1. Which of Seckers activitities are now regulated, given his organisation is FSA authorised (by Direct Sharedeal Ltd)?
  2. When claims are made that are unfair or unjustified, to whom or what should complaints be directed

Background to the concerns of traders about Mr Secker can be found in the current thread entitled Secker Investment Institute

Many thanks
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Old Jun 3, 2006, 9:23pm   #2
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My understanding of FSA Regulation is that to offer advice each individual has to be independently registered and authorised by the FSA to do so. You are not allowed to do so under the "banner" of another authorised organisation unless the law has recently changed ?


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Old Jun 3, 2006, 9:25pm   #3
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Last edited by jimbo57; Oct 29, 2006 at 6:33pm.
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