FCA Warns Public that Seedoro Bank is not Authorised

The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), today warned that it believes a Bolivia-based company under the name ‘Seedoro Bank’ has been providing financial services or products to UK residents without regulatory permission, according to an FCA statement.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.

The address details of the suspicious company are: Av. Banzer Km 8.5, Condominio Las Brisas, Zona Norte, Santa Cruz de la Sierra, Bolivia, and it can be found under the web address www.seedorobank.com.

A brief review of the suspected entity’s website reveals that Seedoro Bank claims to operate as a private bank. It offers a diverse portfolio of products including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options platforms, however, the company didn’t claim any specific regulatory status.

Seedoro Bank is clearly banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions.

Based on this, the watchdog stated 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 stated: “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.”