FCA blacklists property investment portal

The Financial Conduct Authority has blacklisted a property portal called Ownbrix which has been promoting rent to buy' properties in the UK without the authority's agreement.

The portal - Ownbrix.com - plus businesses Ownbrix Client Services Limited and Ownbrix International Ltd are named on the FCA website.

At the head of the statement are the words: We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

This firm is not authorised by us but has been targeting people in the UK, says an additional announcement from the FCA.

Ownbrix is based at Bateman Street in Derby, launched six years ago and gives people the opportunity to join a form of property investment club.

Stressing that visitors to the portal are only a few clicks away from investment and potentially making money, the site also claims there are thousands of satisfied members and are growing every day.

Once you are a member you can start to build your own property portfolio or just trade Brix for a profit. In a few minutes from now, you could be a property owner, according to the portal's literature.

The firm, which promotes its products in US dollars and uses Americanisms throughout its publicity material, states that members can buy or own a home without any form of loan by using its Rent To Buy' programme.

You choose how long you want to take to buy the home and you choose how much you can afford to pay each month with earnings of over 20 per cent.

The site was still live' when EAT checked it this morning.