The Financial Conduct Authority (FCA) has updated its blacklist of companies that are illegally conducting financial services targeting UK residents.
The newly-listed entity is called Olsson Capital, which operates as a CFD, Forex, and cryptocurrency brokerage. Reviewing the company’s website didn’t yield much valuable information regarding its operation, except for the usual claim of being a leading investment firm.
The City watchdog located the unauthorized company via its website www.olssoncapital.com, which lists several contact details including a UK phone number. Olsson Capital’s address is allegedly based out of Bulgaria, located at Carter Enterprises OU, 85 James Bouchier Blvd., Sofia.
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Olsson Capital’s website claims to offer contracts-for-difference (CFDs), spreads, and other Forex products. Launched in 2017, it also operates as an unlicensed Cryptocurrency broker.
Today’s announcement is the latest in the a series of warnings from the FCA about clones and unregulated firms posing as legitimate approved businesses in order to con UK consumers into making payments for investment services.
The FCA has waged war on unregistered online trading firms and clone companies, and the number of brokers on its blacklist continues to grow. Last week, the British regulator highlighted another one, called Gainmax Capital – a forex brokerage firm that has been falsely claiming registration.