British investors have been warned not to take out any financial services with MarketGbp after the Financial Conduct Authority (FCA) on Wednesday said it had faked its authorization.
MarketGbp is targeting UK investors offering a full range of offshore investment services, including FX trading services, but the City watchdog has said the registration number on its website is a fake and the firm is not authorized to do business in the UK.
The FCA has recently issued multiple warnings to investors advising them not to use the services of several clone/unregulated investment firms.
Even for authorized firms, Britain’s financial regulator earlier this month issued a statement to remind their CEOs about their obligations when communicating with clients, and strongly encouraging them to review their websites and financial promotions.
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The watchdog says firms must balance their need to communicate a clear business message with the FCA’s relevant requirements. Their executives will also need to consider whether the financial promotions they approve are fair and clear, and don’t constitute misleading information.
The FCA has advised anyone who has been contacted by MarketGbp to contact its consumer helpline on 0800 111 6768.
A visit to the broker’s website reveals its attempt to mislead investors that it is offering a legal product – it claims to be registered in Estonia.
Today’s announcement is the latest in the FCA’s series of warnings about unauthorized firms posing as legitimate, approved businesses to con UK consumers into making payments for investment services.
If you are an investor, you should be aware that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you deal with an unauthorized company or individual, the FCA said in a statement.