The Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body, has issued a warning against another fraudulent entity, exposing yet another firm that has been soliciting its services without a licence.
On this occasion, the firm under the spotlight is Rhodium Forex which is aimed at the Russian market and operates a website at www.rhodium-forex.com. The firm, which has listed its contact details as WR Trade Ltd, 1 Hornsey St, London, UK, has, according to an FCA statement, been providing financial services in the UK without its permission.
On further observation, Rhodium Forex’s website was also found to be vague, lacking in transparency and as well as not being FCA-authorised, did not appear to be under the jurisdiction of any other global regulator, suggesting that the firm may be a scam.
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The latest warning follows today’s earlier warning on Algo Capitals, a clone of an FCA registered firm, as reported by Finance Magnates, and adds to the growing list of unregulated firms that have come under the scrutiny of the watchdog in recent times.
Most firms and individuals offering, promoting or selling financial services or products in the UK are required to be authorised by the FCA. In this case, Rhodium Forex was caught out targeting people in the UK without having the authorisation to do so.
The FCA has therefore issued a warning against using the services of this firm and has further advised investors to only deal with licenced financial firms which can be checked against the Financial Services Register containing information on firms that are regulated by them.