Banco FX and CFD1000 Flagged by FCA as Unauthorized Brokers
- Banco FX and CFD1000 have been targeting clients both in the European Union and in some emerging markets.
The U.K. Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has flagged two companies which are offering Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has flagged two companies which are offering Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.