Gold Dealing Is Not an FCA-Regulated Activity
Buying and selling physical gold as a product in its own right needs no authorisation from the Financial Conduct Authority. The register that answers most questions about a financial firm therefore has nothing to say about a bullion dealer, and the checks have to rely on other, narrower records.
Trade Bodies and HMRC Registers Are the Checks That Remain
A small number of independent sources can still confirm a dealer's standing. Membership of the London Bullion Market Association or the British Numismatic Trade Association is published and can be checked. A dealer that accepts high-value cash payments must also be registered with HMRC as a high value dealer, and any money laundering penalty HMRC has issued to a dealer is a matter of public record.
A dealer that appears in none of these sources is not necessarily fraudulent, but there is then no independent record against which its claims can be tested.
Who Holds the Gold Settles Most Disputes
Where the metal is kept, and in whose name, generally matters more than any certificate handed over at the point of sale. A dealer holding stock on your behalf should be verifiable through one of the sources above. If a dealer with no verifiable standing holds metal you never receive, every risk rests on a single party that nobody has checked.
The Account You Are Asked to Pay
As with any purchase, your bank's Confirmation of Payee check should confirm that the account you are asked to pay belongs to the company you are actually dealing with. Where the dealer is registered for VAT, a VAT registration in its exact name gives a further independent confirmation.
How MetaAshes Examines This
A MetaAshes assessment cross-references a firm's details against the official record in a single pass. For this question, the most relevant checks include:
- Holder and warehouse verification
- HMRC money laundering penalties
- VAT registration
- Payee name verification
Frequently Asked
Does the absence of FCA authorisation mean a gold dealer is unregulated entirely?
It means the dealer falls outside the Financial Conduct Authority's remit for this activity, not that no record of it exists anywhere. Trade body membership, HMRC's register of high value dealers and a VAT registration in the exact company name each give a separate, independent point of reference.
Is it unusual for a dealer to hold stock on a buyer's behalf?
No, it is ordinary practice among established dealers. What matters is whether the dealer's standing can be confirmed independently, rather than accepted on the strength of its own description of itself.
This guide is provided for general information and does not constitute financial or legal advice.