To protect investors and traders, the FCA issues warnings against the fraudulent firms or entities soliciting clients without authorization. What are the reasons behind the FCA warning against unregulated Trade-24?
25 August, AtoZForex – Financial Conduct Authority (FCA) indicates its main aim as making financial markets work properly so that investors are able to get a fair deal. This is done through three steps: promoting competition, enhancing market integrity and protecting consumers. The last step includes warning consumers against the unauthorized firms. In today's update the FCA issued warning against unregulated Trade-24.
FCA warns against unregulated Trade-24: details
UK financial regulator has issued its latest warning against an unregulated Trade-24. The latter has been providing financial services or products targeting UK consumers without any proper authorization. The FCA reminds that all firms and entities providing financial services/products within the UK have to be authorized or passported by the FCA. FCA warning includes Trade-24 contact details as following:
|Address:||Tower 42, 25 Old Broad Street, EC2N 1HN; 1st Floor, 2 Woodberry Grove, Finchley, London, N12 0DR|
|Telephone number:||020 3608 6060|
See also: FCA warns against Forex Broker Inter Global
How to protect yourself from scams?
In its warning, the regulator as always strongly advises investors to deal only with those financial firms and entities authorized and passported by the EU regulators. To check if a firm offering financial services and products is authorized in the UK, you can visit the Financial Services Register. If the company does not appear in the register but it claims to be regulated, you can contact the FCA on the Consumer Helpline number indicated on the website of the regulator.
Moreover, the watchdog warns that potential investors who give their money to unregulated entities will not be covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong and they become victims of the scam. Therefore, it is the responsibility of the investor to check thoroughly the authorization of the firm they want to invest in. The AtoZForex reached out to the brokerage for the additional comment on the case. The request is still pending.
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