The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes an unauthorized company under the name ExxonFX has been providing financial services or products to UK residents without regulatory permission, according to an FCA announcement.
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.
ExxonFX is owned and operated by Revolution Markets LP, which is situated on Bath Street, Glasgow G2 4JR. The suspicious company can be found under the web address www.exxonfx.com/en, and it offers a diverse portfolio of products including forex and CFDs platforms. However, ExxonFX doesn’t claim any specific regulatory status and also requires its users to inform themselves about their jurisdiction’s restrictions.
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The company also publishes a more detailed warning although it’s not clear if this action was taken as a result of the warning or leading up to it. It reads:
“Exxonfx may restrict the availability of its services and Trading Platform to potential and existing Users in any territory if Exxonfx believes that any legal or regulatory environment in the relevant territory will expose Exxonfx or any of its Related Entities to the risk of legal, regulatory or economic sanctions in such territory should Exxonfx continue to provide or make available its services to potential and existing Users in that territory. Without derogating from the above, it is hereby clarified that exxonfx Market’s services will not be available in France or for French clients. Exxonfx may further restrict the availability of its services to potential and existing Users in any territory in which Exxonfx detects abnormal fraudulent activity or a high rate of chargebacks on credit card transactions.”
Based on this, the FCA in its official statement said that it strongly advises investors to only deal with financial firms that are authorised, and check the Financial Services Register to ensure they are.
The UK watchdog further stated: “You should be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.”