The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes an unauthorized company under the name MRTmarkets 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.
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MRTmarkets claims to be licensed and authorised by an unknown regulatory body called the Securities and Exchange Commission (FSPC). The company is clearly banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions.
MRTMARKETS.COM is owned and operated by KHO Tech LTD, which is situated on Woodberry Grove, Finchley, London. The suspicious company can be found under the web address http://mrtmarkets.com, and it offers a diverse portfolio of products including spread betting and CFDs platforms.
Besides clarifying that the firm in question lacks the proper authorisation to be targeting British customers, the FCA also said in its official statement 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 added: “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.”