Financial services watchdog issues warning against Brum investment firm
The body set up to police the financial services industry has issued a warning against an unregulated Birmingham investment firm
The Financial Conduct Authority (FCA) has said that investors should “avoid dealing” with Shakur Investment Group after it emerged that it may be looking to “scam” UK residents. It added that Shakur is operating outside of the rules set out by the FCA.
The firm, headed up by Abdul Shakur, recently sponsored the Midlands Property & Investment Awards, as well as the Sutton Coldfield Chamber of Commerce annual dinner and awards.
Responding to the claims, Shakur told us that it has “never knowingly made any false claims or promises” and will “work closely with the FCA to address any concerns directly and improve our position with the regulator moving forward”.
Birmingham-based Shakur Investments says on LinkedIn that it supports the “growth of real estate, care, and acquisition-driven businesses” as well as “accelerating alternative investments” with its “controlled supply chain”.
Shakur Investments’ website has, however, disappeared.
Shakur now says he’s the founder of Raising Capital Accelerator, “one of the leading clubs for investors” supporting more than 150 clients with raising over £10m from private investors.
Abdul Shakur’s full statement to TheBusinessDesk.com reads: “We have investors that have been delighted with their returns; we recognise all investment carries risk and that some investors have been disappointed and I am sorry about this. Like many businesses, we are navigating a tough economic climate. Having been in business for 14 years myself, I have navigated through tough periods and will continue to adapt moving forward.
“We have never knowingly made any false claims or promises. In 2023 we were subject to an investigation by the FCA who found no wrongdoing being unregulated and closed the case. We will work closely with the FCA to address any concerns directly and improve our position with the regulator moving forward.
“We have also undertaken a review of our processes and this is ongoing. There are areas in which we recognise the need to make changes, including in the way we process investor enquiries.
“Our objective is to ensure as far as we possibly can that our investors are well served and apologise for any inconvenience caused.
“We are sorry we understand where processes need improving and are putting in place the measures to address this, as a matter of priority. We are cutting costs including offices & team where we can and focusing on growing our consultancy arm as we address any immediate challenges.”
