The Financial Conduct Authority (FCA) published a warning on its website on Thursday concerning the Tait Investment Group. According to the statement, the British regulator believes the firm has been offering financial services or products in the United Kingdom without authorization.
On its website, Tait Investment Group claims to offer an online forex and equities trading platform for new and experienced investors. The broker states that it is regulated and authorized by the FCA. It also says it is a member of the London Stock Exchange and an approved ISA Manager.
However, the FCA has said the registration number on the website does not belong to the firm and is in fact not registered or authorized by the watchdog.
The Tait Investment Group operates through its website www.taitinvestmentgroup.com and states it is registered at 29 Clements Lane, London, UNITED KINGDOM, EC4N 7AE. The FCA states that the firm is not actually operating from this address. The regulator also added the companies house number quoted on its website does not exist.
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The British regulator urges consumers to be particularly wary of the unauthorized firm and reminds them to be alert to potential scammers. Individuals can check the Financial Services Register to see whether a company is authorized.
Another day, another warning
Firms claiming to be authorized, when they, in fact, are not, is not a new trend. Particularly as fraudsters have grown particularly resourceful in recent years.
It is common for scammers to advertise themselves as regulated and legitimate companies, and as can be seen with the Tait Investment Group, they are not opposed to putting fake registration numbers on their website to trick investors.
The FCA encourages traders or those considering online trading to exercise caution and strongly advises against opening an account with this company. It is important for consumers to remember that they will not receive assistance from the regulator should things go awry.