Is Pool Forex Investments scam or reliable? The FCA has warned against this firm in another tireless effort to crack down on unregulated brokerages.
9 December 2019 | AtoZMarkets – Britain’s financial regulator has continued its ongoing efforts to warn the general public against fraudulent and unauthorized entities. The City watchdog today warned against a provider of online trading products called Pool Forex Investments.
FCA blacklists Pool Forex Investments in latest flurry against FX brokers
Today’s announcement is the latest in the FCA’s series of warnings about unregulated firms posing as legitimate, approved businesses to con UK consumers into making payments for investment services.
Pool Forex Investments is targeting UK investors offering FX trading services. However, according to the warning, the company is doing so without having the required authorization. The following details were provided about the suspicious firm:
Address: London House, 59 King William Street, London, EC4R 9AF
So you need to be wary
Unauthorized FX brokers are becoming common in the industry, as fraudsters have grown increasingly resourceful in recent years. A commonly adopted tactic is for scammers to advertise an illegal operation as a reputable brand or entity. They do this in order to dupe unsuspecting investors into parting with their personal details or cash.
An FX broker called Shore Capital Markets was also blacklisted by the UK’s watchdog after the company claimed that it operated with an FCA license. The regulator, however, clarified that the company does not have any valid license to provide investment services in the country.
Echoing previous warnings, the FCA ignores that unauthorized brokers continue to promote unregulated investments, taking money from the general public, and the regulator is powerless to do anything.
Think we missed something? Let us know in the comments section below.