FCA Adds FX Broker Investteck to its List of Unauthorized Firms

The entity is targeting UK consumers without having the proper authorization.

With scams remaining a constant threat to investors in the foreign exchange (forex) and cryptocurrency spaces, the Financial Conduct Authority (FCA) has yet again updated its warning list this Friday, which urges consumers to be careful of Investteck.

In the statement posted today, the British regulator claims that Investteck isn’t authorized to provide financial services in the United Kingdom, but it’s targeting British consumers nonetheless.

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“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us. However, some firms act without our authorisation and some knowingly run investment scams,” the FCA said in its warning.

“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

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The UK watchdog provides the following URLs as belonging to the entity – www.investteck.net and www.investteck.com. Furthermore, the company has two addresses, one in Estonia and one in Dublin, Ireland.

Taking a look at its website, Investteck claims to be an online trading provider for forex, stocks, indices, and commodities. The company also claims to facilitate zero-commission trading through its platform.

“InvestTeck is a world-renowned financial services provider offering a range of investment products, including Online Trading and FX. Our high-tech trading platform offers clients across the globe an opportunity to invest in over 1,000 world-class assets including forex, stocks, commodities and indices,” the website states.

FCA: Investment complaints remain steading in H1 2019

Investment scams in the UK remain a real threat to consumers. As Finance Magnates reported earlier this month, the number of investment complaints remained steady in the first half of 2019.

In fact, for each 1,000 client accounts, 2.1 of those account holders made a complaint in H1 of 2019, which equals a complaint rate of two percent. In H1 of 2018, this rate was at 2.2, representing a year-on-year decline. 

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