FCA Warns Against ECN Markets and CMS Trader
- Neither company claims any specific regulatory status but they are still unauthorized to target UK residents.
The United Kingdom’s markets watchdog, the 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), today issued warnings to the public against two 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 brands illegally providing financial services or products without a regulatory permission.
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The first unauthorised provider operates under the name ECN Markets while its clients’ accounts are held and maintained by ECN Markets Payment services provided by ESCW Ltd., 788-790 Finchley Road, London NW11 7TJ, UK. According to its website, ECN Markets is located in Auckland while its client service office resides in New York and London in addition to smaller satellite offices in other parts of the world. The suspicious company can be found at the web address https://ecn-markets.com/.
As is the case with other scams, ECN Markets is banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions. On its website, the unregulated firm has only this statement to reassure its potential victims: "ECN Markets has the obligation under international Investment law to protect client interests. As a result, the Company has taken all necessary measures to protect client funds.”
Further Warning
The British financial watchdog has also warned against another broker, a UK-based company under the name ‘CMS Trader’ which is not regulated by the FCA.
The address of the company under the spotlight is: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ; 44 Waterloo Station, Waterloo Road, London, SE1 8SW, and it can be found on the website https://www.cmstrader.com.
The brokerage which offers access to Saudi stocks trading in addition to regular forex and commodities instruments has been soliciting its services to investors in the UK without the authorisation to do so.
The FCA noted in its warning that although not all financial service providers in the UK market need to be authorized, most of them are, however this is not the case with CMS Trader and ECN Markets. It went on to remind market participants that victims of fraudulent entities will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.
The United Kingdom’s markets watchdog, the 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), today issued warnings to the public against two 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 brands illegally providing financial services or products without a regulatory permission.
Take the lead from today’s leaders. FM London Summit, 14-15 November, 2016. Register here!
The first unauthorised provider operates under the name ECN Markets while its clients’ accounts are held and maintained by ECN Markets Payment services provided by ESCW Ltd., 788-790 Finchley Road, London NW11 7TJ, UK. According to its website, ECN Markets is located in Auckland while its client service office resides in New York and London in addition to smaller satellite offices in other parts of the world. The suspicious company can be found at the web address https://ecn-markets.com/.
As is the case with other scams, ECN Markets is banking on attracting newbie investors who are not aware of the existence of regulatory registers and are ill-informed to take investment decisions. On its website, the unregulated firm has only this statement to reassure its potential victims: "ECN Markets has the obligation under international Investment law to protect client interests. As a result, the Company has taken all necessary measures to protect client funds.”
Further Warning
The British financial watchdog has also warned against another broker, a UK-based company under the name ‘CMS Trader’ which is not regulated by the FCA.
The address of the company under the spotlight is: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ; 44 Waterloo Station, Waterloo Road, London, SE1 8SW, and it can be found on the website https://www.cmstrader.com.
The brokerage which offers access to Saudi stocks trading in addition to regular forex and commodities instruments has been soliciting its services to investors in the UK without the authorisation to do so.
The FCA noted in its warning that although not all financial service providers in the UK market need to be authorized, most of them are, however this is not the case with CMS Trader and ECN Markets. It went on to remind market participants that victims of fraudulent entities will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.