FSA to name and shame 53 bogus e-tail sites

The Financial Services Authority (FSA) has uncovered 53 Web sites in the UK that could be ripping off consumers.

The FSA spent a day surfing the Internet for bogus companies as part of an international initiative co-ordinated by IOSCO (the International Organisation of Securities Commissions). Over 600 sites were checked and 53 sites will now undergo further investigation - which could result in legal action.

A spokeswoman for the government body warned consumers to beware of any Web site offering financial services, particularly stock investments, that do not clearly mark an FSA approval stamp. She said: "If the site is not authorised by the FSA it is acting illegally. This means that if the consumer hands over money that then disappears they will not get any compensation."

The FSA expects to name and shame the bogus companies in the next few months.