FCA Exposes Several Financial Scams, Including Darwinex Clone
- The FCA is sharpening its focus on retail investment and trading brokers as financial scams are becoming more sophisticated.
The Financial Conduct Authority (FCA) today issued several warnings to local investors highlighting unauthorized firms known to have been soliciting customers in the UK jurisdiction. The regulator also pointed out that some of the brokers highlighted in the latest flurry against unauthorized firms are actually clones of UK-approved providers, which makes it difficult for unsuspecting investors to know or see the difference.
In an update published on its website today, the City watchdog has blacklisted TrustFX (www.trustfx.io), Titan Global Finance, and All Financial Markets. The FCA has also flagged a bogus firm called Fortune Trade FX, which was found to be a complete Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of Darwinex, a UK-based social trading broker and asset manager.
The FCA warning comes just a few days after the authority warned the public against the suspicious operation of Advisory Broker Services, which has been revealed to be manipulating investors by claiming the reference number of a European Economic Area (EEA) authorized firm.
The FCA has been sharpening its focus on retail investment and trading brokers as financial scams are becoming more sophisticated in hiding their true corporate details and contacts. The regulator appears determined to protect consumers not only from fraud but also from losing small fortunes to regulated firms that may offer “products causing similar harms.”
Recently, the watchdog also highlighted its concerns over financial promotions that falsely implied that all of a firm’s activities were regulated by the FCA or other regulators, when in fact they were not.
Retail FX/CFDs brokers have also come under the spotlight with the closure of two regulated brokers in a single month. SVS Securities Plc (SVS), which was set-up in 2002, acted as a regulated financial services broker, holding significant amounts of Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term and assets. The second case involved AFX Markets Ltd (AFX), which was set up in 2011 and FCA-authorized since May 2012.
There have also been a number of high profile incidents in the wider financial services industry over the last few years, many of which have led to the collapse of firms.
The Financial Conduct Authority (FCA) today issued several warnings to local investors highlighting unauthorized firms known to have been soliciting customers in the UK jurisdiction. The regulator also pointed out that some of the brokers highlighted in the latest flurry against unauthorized firms are actually clones of UK-approved providers, which makes it difficult for unsuspecting investors to know or see the difference.
In an update published on its website today, the City watchdog has blacklisted TrustFX (www.trustfx.io), Titan Global Finance, and All Financial Markets. The FCA has also flagged a bogus firm called Fortune Trade FX, which was found to be a complete Clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term of Darwinex, a UK-based social trading broker and asset manager.
The FCA warning comes just a few days after the authority warned the public against the suspicious operation of Advisory Broker Services, which has been revealed to be manipulating investors by claiming the reference number of a European Economic Area (EEA) authorized firm.
The FCA has been sharpening its focus on retail investment and trading brokers as financial scams are becoming more sophisticated in hiding their true corporate details and contacts. The regulator appears determined to protect consumers not only from fraud but also from losing small fortunes to regulated firms that may offer “products causing similar harms.”
Recently, the watchdog also highlighted its concerns over financial promotions that falsely implied that all of a firm’s activities were regulated by the FCA or other regulators, when in fact they were not.
Retail FX/CFDs brokers have also come under the spotlight with the closure of two regulated brokers in a single month. SVS Securities Plc (SVS), which was set-up in 2002, acted as a regulated financial services broker, holding significant amounts of Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term and assets. The second case involved AFX Markets Ltd (AFX), which was set up in 2011 and FCA-authorized since May 2012.
There have also been a number of high profile incidents in the wider financial services industry over the last few years, many of which have led to the collapse of firms.