The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes an unauthorized company under the name Markets Capital Limited, trading as FX Markets Capital, has been providing financial services or products to UK residents without regulatory permission, according to an FCA announcement.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
The FCA warned that this FX brokerage may potentially be a scammer. The industry watchdog said that the company has been operating without a license and targeting UK citizens.
The FCA pointed out that the company’s address is 24 Holborn Viaduct, London. FX Markets Capital also maintains a presence in other jurisdictions and solicits clients using its website www.fxmarketscapital.com.
A brief review of the firm’s website reveals that it offers wide range of trading instruments involving currency pairs, commodities and indices.
Besides clarifying that the firm in question lacks the proper authorisation to be targeting British customers, the FCA also said in its official statement that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are.
The UK watchdog further added: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”