The United Kingdom’s financial markets watchdog, the Financial Conduct Authority (FCA), today warned that it believes a Bolivia-based company under the name ‘Seedoro Bank’ has been providing financial services or products to UK residents without regulatory permission, according to an FCA statement.
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: Av. Banzer Km 8.5, Condominio Las Brisas, Zona Norte, Santa Cruz de la Sierra, Bolivia, and it can be found under the web address www.seedorobank.com.
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A brief review of the suspected entity’s website reveals that Seedoro Bank claims to operate as a private bank. It offers a diverse portfolio of products including forex and binary options platforms, however, the company didn’t claim any specific regulatory status.
Seedoro Bank 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.
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.”