The UK financial regulator this week accused the company of offering unauthorised financial services, even warning that it could be a scam. The Mirror newspaper headline last week billed it as 'World's most secure card' that will help tackle fraud that costs Brits £620million a year.
But the UK Financial Conduct Authority intervened, saying: “We believe this firm has been providing financial services or products in the UK without our authorisation…. This firm is not authorised by us and is targeting people.” It continued: “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams.” Several hours later, Lanistar responded to the FCA in a statement saying that they are not yet offering financial services and were in the process of contacting the regulators to get permission for their plans. “Legal and regulatory compliance are central to Lanistar’s business and we confirm that we are not providing financial services or products without the FCA’s authorisation,” said the statement.