FCA Calls Out OMC Markets As Unauthorized FX Broker
The Sofia-based entity is targeting people in the UK.
With scams on the rise, financial regulators across the globe have their work cut out for them when trying to protect consumers. This Thursday, the Financial Conduct Authority (FCA) has yet again updated its warning list to include a new entity.
That entity goes by the name of OMC Markets. According to the statement from the regulator, this company is not authorized by the FCA and it is offering services, which it believes fall under its authority, to people of the United Kingdom.
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“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK,” the FCA said in its warning.
The regulator provides the following details belonging to the entity:
Address: Personal Found LTD Sofia 1000, Geo Milev residential area, 17 Andrei Nikolov Str., ap.4
Telephone: 03300271542; 03300271643; 03300271610
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Email: support@omcmarkets.com; compliance@omcmarkets.com; compliancemain@omcmarkets.com; info@omcmarkets.com
Website: www.omcmarkets.com
Taking a look at the website, OMC Markets claims to be a foreign exchange (forex) and contracts for difference (CFD) broker, offering a range of assets to trade, including commodities, stocks, futures, FX, and indices.
“Since our inception, OMC Markets has operated with an unsurpassed level of ethics and excellence allowing our investors and traders to continually enjoy safe and profitable trading,” the entity said on its website.
FCA remains vigilant
The FCA has stepped up its game in the past year when it comes to protecting retail investors. First by following the lead of the European regulator ESMA in 2018 when it issued measures to restrict the marketing CFDs to retail clients, which mainly applied to regulated providers.
The final step was taken in July after making ESMA’s temporary intervention measures permanent, but with some differences, such as applying them to a wider range of products.
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