By PAUL O’DONOGHUE, Senior Correspondent
FOOTBALL clubs, particularly those in the Premier League, are being warned over crypto and trading sponsors not authorised in the UK.
The FCA (Financial Conduct Authority), the country’s financial regulator, said these companies could put fans at risk.
“A number of unauthorised firms, including crypto businesses and trading platforms, are using sponsorship to target unwitting football fans. Fans using these firms risk losing all their money,” the FCA said.
“The FCA has written directly to football clubs, mainly in the Premier League, to warn about their relationships with these firms and remind them of their responsibilities to fans.”
The FCA said fans should check any firm on its Firm Checker, available [HERE], before using financial services.
“If the sponsoring firm provides financial services and is not on the FCA Firm Checker, they are not regulated. You will likely have no protection if things go wrong,” the FCA said.
The FCA did not name any individual companies. However, the likes of OKX, one of the world’s biggest crypto companies, sponsors Manchester City. The firm is not FCA-registered and has faced multiple regulatory issues. Last year it agreed to pay over $500 million after pleading guilty to violating U.S. anti-money laundering laws.
Warning over Premier League sponsors
Lucy Castledine, director of consumer investments at the FCA, said clubs should not allow their brands to promote risky financial products.
“Millions of football fans trust their club’s badge,” she said. “Clubs should not let unauthorised financial firms exploit that loyalty. They should not put potentially dodgy products in front of millions of fans.”
“A logo on a shirt means one thing: that firm paid for it,” she added. “Fans should always check the firm using our Firm Checker tool before buying a financial product. They should help us show the red card to those that would risk your money.”
The regulator also warned clubs about legal and reputational risks.
“Sponsorship deals with unauthorised financial services firms don’t just harm fans,” the FCA said.
“They potentially expose clubs to legal liability, money laundering risks and serious reputational damage. The FCA expects every UK football club to conduct proper due diligence on financial services sponsors.”
The regulator also said it has already raised concerns directly with some clubs.
“Where the FCA has already identified concerns, it has spoken directly to the club. Where action is needed, the FCA will take it,” it said.
Stephanie Peacock, the UK Sports Minister, said: “Sponsorship deals play a vital part in sustaining our football pyramid.
“But fans deserve to know that the companies associated with their clubs are responsible, accountable and safe to use.”
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