Banco FX and CFD1000 Flagged by FCA as Unauthorized Brokers

Monday, 20/06/2016 | 22:15 GMT by Victor Golovtchenko
  • Banco FX and CFD1000 have been targeting clients both in the European Union and in some emerging markets.
Banco FX and CFD1000 Flagged by FCA as Unauthorized Brokers
Bloomberg

The U.K. Financial Conduct Authority (FCA) ) has flagged two companies which are offering Forex and CFDs trading as unauthorized operations. Both Banco FX and CFD1000 have been providing investment services to clients without the appropriate authorization.

The firms claim to be operating from the U.K., but Banco FX is listing as its regulator the Saint Vincent and Grenadines financial authority. At the same time, CFD1000 claims to be headquartered in London, but doesn't display any regulatory bodies on its website.

Mysterious list of awards on both websites with questionable origins and value are mentioned. The firms appear to be targeting investors from the United Kingdom and emerging markets. Only companies which are regulated in the European Union are allowed to provide investment services to U.K. citizens.

Banco FX and CFD1000 are yet another duo of entities which are undermining the transparency efforts of the forex and CFDs trading industry. Both firms have multiple points of concern on their websites, from fraudulent claims about London incorporation to fund management offerings which can not be supervised in any way.

The FCA has been regularly listing companies which it finds to be violating the regulatory framework in the country. Unfortunately, in the case of Banco FX and CFD1000, the firms have been illegally soliciting clients from within the European Union.

The U.K. Financial Conduct Authority (FCA) ) has flagged two companies which are offering Forex and CFDs trading as unauthorized operations. Both Banco FX and CFD1000 have been providing investment services to clients without the appropriate authorization.

The firms claim to be operating from the U.K., but Banco FX is listing as its regulator the Saint Vincent and Grenadines financial authority. At the same time, CFD1000 claims to be headquartered in London, but doesn't display any regulatory bodies on its website.

Mysterious list of awards on both websites with questionable origins and value are mentioned. The firms appear to be targeting investors from the United Kingdom and emerging markets. Only companies which are regulated in the European Union are allowed to provide investment services to U.K. citizens.

Banco FX and CFD1000 are yet another duo of entities which are undermining the transparency efforts of the forex and CFDs trading industry. Both firms have multiple points of concern on their websites, from fraudulent claims about London incorporation to fund management offerings which can not be supervised in any way.

The FCA has been regularly listing companies which it finds to be violating the regulatory framework in the country. Unfortunately, in the case of Banco FX and CFD1000, the firms have been illegally soliciting clients from within the European Union.

About the Author: Victor Golovtchenko
Victor Golovtchenko
  • 3424 Articles
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About the Author: Victor Golovtchenko
Victor Golovtchenko: Key voice in crypto and FX, providing cutting-edge market analysis.
  • 3424 Articles
  • 10 Followers

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