The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), 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.
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.
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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 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.”