6 May AtoZForex, Vilnius - The Financial Conduct Authority (FCA) detected recently an unauthorized broker that has been providing financial services or products in the UK. FCA reminds the investors that almost all firms and individuals performing financial services or products in the UK have to be approved by the UK regulator. Despite this general knowledge, some firms still intentionally offer various financial activities without the authorization of the FCA. The latest case involves Falcon Asset management FCA warning. After the UK watchdog received reports from depositors about the Forex broker.
Reasons behind Falcon Asset management FCA warning
Falcon Asset Management was established in 1999. Currently, they are present in two locations, Dusseldorf, and London. Falcon Asset Management provides reliable asset management and one-on-one wealth management services to investors. Claiming to have an in-house team of specialist, who are experienced with the global financial markets, including bonds, stocks, precious metals or alternative investments.
Building further, the firm informs through its website that the founder and CEO, Michael Rietheimer was performing as a broker in a market since 1979. Yet, the more urging claims are that the Falcon Asset Management stated to be “a regulated financial service provider.” After the FCA received reports from the firm’s depositors about the firm, the Falcon Asset management FCA warning got issued. Based on the findings that Falcon Asset Management is not authorized to provide these financial services without a license.
FCA discloses Falcon Asset Management details
As a common practice, the FCA issued a statement about the warning. In order to prevent future frauds and confusion caused by the unauthorized Falcon Asset Management. The FCA has disclosed the firm’s contact details publicly:
|Address||4 Lombard Street, London, EC3V 9HD|
The FCA strongly advises investors to only deal with Forex brokers that are authorized by them and encourages to check the Financial Services Register to make sure they are. Also, FCA mentions that if the investor is committing money with an unauthorized Forex broker, his/her losses will not be covered by the Financial Services Compensation Scheme. Talking about the coverage of traders’ losses, a good example is how the Alpari UK clients were compensated by UK's compensation scheme.
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