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FCA Flags MarketGbp FX Broker

Maya Mandzikasvili | Jan. 17, 2019
FCA Flags MarketGbp FX Broker

January 17, 2019 | AtoZ Markets - The Financial Conduct Authority (FCA) on Wednesday released information about another fraudulent financial institution. British investors have been warned that they should avoid any cooperation with MarketGbp because this company uses a fake business license.

MarketGbp Fraudulent Tactics

MarketGbp targets UK investors offering a full range of offshore investment services, including Forex trading services. However, according to the financial regulator, the company's registration number on its website is fake and the firm is not authorized to conduct business in the UK.

FCA recently issued multiple warnings to investors, advising them not to use the services of several cloned or unregulated investment firms. Visiting the flagged broker's website shows the company's attempt to mislead the investors that they are offering a legal product and claim to be registered in Estonia. Financial watchdog in its turn advises anyone who had any business with MarketGbp to contact the British financial regulator's telephone support service at 0800 111 6768.

FCA issues the last warning about scam firms

Atoz Marketz mentioned earlier this month that the UK regulator published a letter addressed to the general directors or equivalent persons of all authorized firms. In its appeal, the financial watchdog urged firms to ensure that their investors had all the information necessary to properly assess the regulatory coverage associated with their products.The statement of the Financial Conduct Authority aimed to remind regulated firms of their obligations when dealing with customers and strongly encourages them to check their websites and financial proposals. The new message of the regulator was sent over misleading promotions, causing debates among financiers. In addition, the FCA letter stated that they are very concerned about the poor quality standards the firms are following and that as a result, some units may be investigated by the Compliance Division.

Today’s announcement of fraudulent brokerage company is the latest in a series of FCA warnings about unauthorized firms posing as legitimate, approved businesses to lure unsuspecting investors into paying investment services. The British financial regulator warns investors, that the Financial Ombudsman Service and the Financial Services Compensation Scheme are not available if you are dealing with an unauthorized company or an individual, the FCA said in a statement.

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Tags U.K forex FCA
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