UK FCA Issues Warning Against Elite Trader Pro

The Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body, has issued a warning against a fraudulent entity, bringing to light another firm that is soliciting its services without a licence.

Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here!

This time, the firm under the spotlight is Elite Trader Pro which is located at 145-157 St John Street, London, and has, according to an FCA statement, been providing financial services in the UK without its authorisation.

The latest warning comes shortly after a previous alert on Morgan Stanley/Morgan Stanley & Co Ltd, a Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of an FCA registered firm which was issued by the watchdog earlier this month, as reported by Finance Magnates.

FCA Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term

Most firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA. However, Elite Trader Pro, which operates online via the website www.elitetraderpro.com, and claims to be “an offshore private trading group that offers superior trading technology and resources for professional traders internationally", has been targeting people in the UK despite not having permission to do so.

The FCA has therefore issued a warning against using the services of this firm and has further advised investors to only deal with licensed financial firms which can be checked against the Financial Services Register containing information on firms that are regulated by them.