In its quest to rid the financial system of frauds, scams and clone companies, the UK market regulator this time has had to deal with a company with a name similar to its own.
The Financial Conduct Authority has flagged an entity called FCA Market, which is not registered to conduct financial services in the UK.
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This entity operates via the website fcamarket.com. It claims to be founded in St.Vincent and the Grenadines and provide trading-related solution services. The firm provides the FCA-authorised status of Fincere Capital Management Limited (Reference number: 553288) as a basis for conducting business in the UK. However, Fincere Capital Management Limited is not available online to verify this association.
The company has listed some top banks as its liquidity providers, including Citi Bank, Deutsche Bank, and HSBC. The company claims to operate from England and have representatives in Bahrain, Singapore and Australia. The firm has not listed its management personnel.
Suspicious firms are forever devising new strategies to trick the system. The FCA issues a lot of warning letters to the investment community and asks them to cross-verify companies before transacting. In the event of losses with an unregistered firm, the market regulator will unable help the victims.