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Abstract：Jan. 12, 2023, Thursday - A newly added list of unauthorized firms was released by the FCA to warn the public not to invest due to a lack of necessary authorization to conduct financial transactions or investments.
Jan 13, 2023 - FCA releases a batch list on Thursday about unauthorized firms, to protect the public from investing in the said firms and avoid being get scammed.
The Financial Conduct Authority (FCA) in the United Kingdom is responsible for protecting consumers and maintaining the integrity of the financial markets. The FCA takes a strict approach to regulate online trading firms to implement the rules in the financial industry to have a fair and smooth investment transaction for both parties.
Furthermore, the FCA operates a “whistleblowing” service for consumers and market participants to report concerns about fraud or other misconduct, including issues related to online trading firms.
Here is the list of unauthorized or fraudulent firms that should be avoided by the public to invest.
WEALINS U.K.
HELIUMCOIN.NET
FOREX TRADING WORKER
POR MAX LOANS
PROCOIN MARKETS / ADVANCED MARKETS
CITY PREMIER BANK
ICAPITAL INVESTMENT
TRUST HUB MININGFX
UNITED CAPITAL FINANCE
PROFIT FOREX SIGNALS
MIT TRADING / MIT-IC
PRO FX TRADING
EQUITY GLOBAL BANK
NFTVENTURES-CAPITAL
TRADE HUZE
BHERMA TRUST BANK
METRO FX
The Financial Conduct Authority (FCA) in the United Kingdom uses a number of bases to expose fraud brokers and take appropriate action against them. These include:
Violation of regulations: The FCA has a set of rules and regulations that all firms, including online trading firms, must comply with in order to operate in the United Kingdom. If a firm is found to be in violation of these regulations, the FCA may take enforcement action against them, including fines or revoking their license to operate.
Misrepresentation of services: The FCA prohibits firms from making false or misleading statements about their services. If a broker is found to be misrepresenting their services or making false claims about their performance, the FCA may take action against them.
Fraudulent activities: The FCA takes a strict approach to investigate and prosecuting fraudulent activities, including those related to online trading. If the FCA has reason to believe that a broker is engaging in fraud, it will investigate the matter and take appropriaate action if it finds evidence of misconduct.
Cold calling or unsolicited investments: Cold calling or unsolicited investments are considered high-risk practices, and the FCA may take action against firms that engage in these practices.
Inadequate money protection measures: The FCA requires firms to have adequate measures in place to protect customers' money and assets, If a firm is found to have inadequate money protection measures, the FCA may take action against them.
Failure to comply with client money and assets rules: The FCA requires firms to comply with the rules for client money and assets, which includes the segregation of client money from the firm's own money and ensuring that the firm can meet its liabilities to clients in the event of its failure.
The FCA also maintains a register of authorized firms which is publicly available, so investors can check if a firm is authorized and whether it has any history of enforcement actions against it.
However, please keep in mind that, despite these measures and regulations, fraud can still happen, and it is important for consumers to remain vigilant and conduct their own due diligence before investing with any firm.
Final word
Dealing with financial firms that are authorized or registered by the FCA gives you greater protection if things go wrong. Check the Financial Services (FS) Register to ensure they are authorized or registered. It has information on firms and individuals that are, or have been, regulated by us.
Stay tuned for more FCA news.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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