The Financial Conduct Authority (FCA), the United Kingdom’s financial regulatory body, has issued a warning against a fraudulent entity, bringing to light another firm that is soliciting its services without a licence.
This time, the firm under the spotlight is Elite Trader Pro which is located at 145-157 St John Street, London, and has, according to an FCA statement, been providing financial services in the UK without its authorisation.
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The latest warning comes shortly after a previous alert on Morgan Stanley/Morgan Stanley & Co Ltd, a clone of an FCA registered firm which was issued by the watchdog earlier this month, as reported by Finance Magnates.
Most firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by the FCA. However, Elite Trader Pro, which operates online via the website www.elitetraderpro.com, and claims to be “an offshore private trading group that offers superior trading technology and resources for professional traders internationally”, has been targeting people in the UK despite not having permission 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 licensed financial firms which can be checked against the Financial Services Register containing information on firms that are regulated by them.