FCA Warns Investors Against Trade WFX
- The FCA has advised anyone who has been contacted by Trade WFX to contact its consumer helpline.
British investors have been warned not to take out any financial services with Trade WFX after the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) on Tuesday said it had faked its authorization.
Trade WFX 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.
According to the City watchdog, many of these entities are acting in a capacity requiring them to be registered with the FCA. Registration allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements.
A statement from the FCA said: 'Some firms act without our authorisation and some knowingly run investment scams."
The FCA has advised anyone who has been contacted by Trade WFX 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 governed by the FCA.
Those behind the unregulated firm are not professional enough as they made some funny claims, including that their brand is licensed in London, but they wrongly wrote the abbreviation of the UK regulator as FSA, the predecessor of the FCA.
Tuesday'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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.
British investors have been warned not to take out any financial services with Trade WFX after the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) on Tuesday said it had faked its authorization.
Trade WFX 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.
According to the City watchdog, many of these entities are acting in a capacity requiring them to be registered with the FCA. Registration allows the agency to provide greater security and oversight of the industry by examining whether firms meet minimum financial standards as well as disclosure, reporting, and recordkeeping requirements.
A statement from the FCA said: 'Some firms act without our authorisation and some knowingly run investment scams."
The FCA has advised anyone who has been contacted by Trade WFX 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 governed by the FCA.
Those behind the unregulated firm are not professional enough as they made some funny claims, including that their brand is licensed in London, but they wrongly wrote the abbreviation of the UK regulator as FSA, the predecessor of the FCA.
Tuesday'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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.