FCA Warns Public that Prime FX is not Authorised

The United Kingdom’s financial markets watchdog, 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), today warned that it believes an unauthorized company under the name ‘Prime FX Ltd’ has been providing financial services or products to UK residents without regulatory permission, according to its latest regulatory filing.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA.

[gptAdvertisement]

The address details of the suspicious company are: 272 Bath Street, Glasgow, G2 4JR, and it can be found under the web address https://www.pfxbank.com/. In addition, Prime FX does not appear on the UK’s Financial Services Register.

As of the time of publication, Prime FX Ltd has taken down all website pages although it’s not clear if the site was taken down as a result of the warning or leading up to it. However, a cached version of the website reveals that the suspected entity claims to operate as a CFDs broker. It offers a diverse portfolio of products including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options platforms, however, the company didn’t claim any specific regulatory status.

According to the website, the brand is owned and operate by DGX Systems Ltd., which operates from the Commonwealth of Dominica. It further states that PFXbank operates globally except within the European Economic Area and more specifically it does not accept clients from Italy.

Based on this, the watchdog stated 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 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.”