The Slovene Securities Market Agency has issued a warning to investors about the activities of Worth Ltd, which is operating through the site name VenetFX, having failed to obtain proper authorization as dictated by the Market in Financial Instruments Act (MiFiD).
The Financial Conduct Authority (FCA) has previously warned against clones such as Worth Ltd, also known as Worth Financial Services and operating through VenetFX, a clone of a previously FCA registered firm. According to a regulatory manifest by the Slovene Securities Market Agency, no documentation has thus far been provided for the necessary authorization and for this reason has prompted attention by the country’s regulatory authorities.
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Worth Ltd is currently using an FCA registration number that once belonged to a legitimate representative Worth.IT Financial Services Ltd, which was previously the FCA registration number and dissipated back in 2004 – furthermore the current entity Worth Ltd is unrelated to the former regulated entity.