Earlier today, U.K. regulator, the Financial Conduct Authority (FCA) issued a public warning regarding B2SForex, a small unregulated FX broker operating out of Leicestershire, England.
At the time of writing, the broker’s website (www.b2sforex.com) continues to claim regulatory oversight by the FCA under the trading name ‘Business Finance Advisory Service Ltd’. A rudimentary search of the company’s business address indicated the broker is operating from a residential street in the village of Whitwick in Leicestershire.
The FCA says that the broker has not obtained suitable regulatory approval, but is claiming to be authorized and regulated by the FCA on its website and marketing materials.
Filling the Gap Between Brokers, LPs, and ClientsGo to article >>
The FCA’s warning reads: “We believe this firm has been providing financial services or products in the U.K. without our authorization”.
As part of its communications with the broader retail trading community, the FCA urges all financial market participants in the U.K. to “… find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers”.
The agency prescribes 10 steps that can help investors and traders avoid fraudulent and unscrupulous firms.