UK FCA Warns on Trading Firm Etradefxlive
- The firm is allegedly impersonating E*TRADE.
- The company is not authorized by the FCA to target people in the UK.
The UK’s 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) issued a warning on Tuesday about a firm not authorized to offer, promote or sell financial services and products in the United Kingdom.
According to the advisory, ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.
The FCA mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm of the American financial services firm E*Trade, although the authority does not confirm this. “Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” it added.
Additionally, the watchdog mentioned the following: “If you used an authorized firm or registered firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered firm should be able to help.”
Other Warnings Issued
Recently, the FCA issued a warning about a clone firm that is impersonating Octopus Investments Limited. According to the advisory, AZOptions allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.
As of press time, the website remains operative and claims to be a financial company offering crypto-related services for both individual and institutional investors. Also, the UK FCA stated that a financial company is illegally operating in the country and allegedly cloning XTB. According to the advisory note published on its website, the British watchdog believes xtbtradingfx.com may be providing financial services in the UK without their authorization.
The UK’s 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) issued a warning on Tuesday about a firm not authorized to offer, promote or sell financial services and products in the United Kingdom.
According to the advisory, ETRADEFXLIVE, under the website etradefxlive.com, is not authorized by the FCA, and it’s allegedly targeting people in the UK. “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong,” the watchdog warned.
The FCA mentioned that ETRADEFXLIVE also operated under the brand name ‘ETRADE FX LIVE,’ which might suggest that it could be a clone Clone A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for A clone refers to a fraudulent attempt by an entity or individual to use the details of an authorized firm in a bid to convince people that they work that firm.This refers to a relatively new tactic that has seen fraudsters using the name, ‘firm registration number’, and address of firms and individuals authorized by regulators to suggest they are genuine. Clones are seemingly primitive techniques, though newly adopted by scammers that have evolved in the information era. As regulators push for Read this Term firm of the American financial services firm E*Trade, although the authority does not confirm this. “Be aware that some firms may give out other details or change their contact details over time to new email addresses, telephone numbers or physical addresses,” it added.
Additionally, the watchdog mentioned the following: “If you used an authorized firm or registered firm, access to the Financial Ombudsman Service and FSCS protection will depend on the investment you are making, the service the firm is providing, and the permissions the firm has. If you would like further information about protection, the authorized or registered firm should be able to help.”
Other Warnings Issued
Recently, the FCA issued a warning about a clone firm that is impersonating Octopus Investments Limited. According to the advisory, AZOptions allegedly uses the FCA-authorized firm’s legit details to scam people in the UK.
As of press time, the website remains operative and claims to be a financial company offering crypto-related services for both individual and institutional investors. Also, the UK FCA stated that a financial company is illegally operating in the country and allegedly cloning XTB. According to the advisory note published on its website, the British watchdog believes xtbtradingfx.com may be providing financial services in the UK without their authorization.