The Financial Conduct Authority, a British regulator, issued another warning today regarding FX firms operating without its authorization. Today’s statement comes just two days after the regulator issued a set of warnings against a number of binary options and forex brokers.
On this occasion, the FCA is warning against Revolution Variable Systems (RVS). The company’s website, though chic-looking, is almost impenetrable. There is, for instance, a section devoted to ‘Corporate Accounts’ but nowhere on the site does the user have the ability to sign up for one of these corporate accounts.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
The company also advertises itself as providing trading solutions but it is difficult to ascertain whether this means it acts as a broker or is simply supplying software. The website text would suggest that it does act as a broker but the majority of it seems aimed at including as much jargon as possible.
Based in the UK?
The FCA lists RVS under a UK address but this is concealed on the company’s website. Given that no company is registered at the address under a name akin to that of the company’s, it seems unlikely that it really has any base of operations in the UK. At best, this seems to be an effort to lend a hint of officialdom to what is likely a bogus company.
Warning against such organizations has become part and parcel of the FCA’s activities. The regulator’s warning page, with statement after statement cautioning the public against such firms, illustrates how frequently these companies pop up.