FCA Warns Football Clubs Over Sponsorship Deals With Unauthorised Firms

The UK Financial Conduct Authority (FCA) has warned football clubs against entering sponsorship agreements with unauthorised financial firms, stating such deals put fans' money at risk. The regulator said a number of unapproved entities, including cryptocurrency businesses and trading platforms, are using sports sponsorships to target unsuspecting supporters.

These firms may be in breach of UK law by offering financial services without authorisation, leaving fans with no protection and at risk of losing all invested funds. The FCA has written directly to clubs, primarily in the Premier League, regarding these relationships.

The authority emphasised that prominent branding or a professional appearance does not equate to regulatory approval. It stated that any sponsoring firm providing financial services must be listed on the FCA's official register to be considered regulated.

The FCA expects all UK football clubs to perform thorough due diligence on financial sponsors. It is working with the government, the Premier League, and the Independent Football Regulator to address the issue across the sport.

Sports Minister Stephanie Peacock commented, "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."