29 January, AtoZForex.com, Lagos – The Financial Conduct Authority (FCA) is popular for its tight grip on its regulatory responsibilities. The latest firm to enter the FCA’s bad books is “Financial Products (London) Ltd.”, with the issuance of a FCA warning on Financial Products Ltd.
The UK financial watchdog stated that “Financial Products (London) Ltd” is believed to have been providing financial services or products in the UK without due authorization, therefore prompting the FCA warning. Hence, members of the public have to be wary of dealing with this unauthorized individual or firm, and should take steps to protect themselves from scammers.
The details of the firm can be found below:
Financial Products (London) Ltd
Alternative name: FP Ltd
Address: Albemarle Street, London, W1S 4HQ
Phone: 020 7183 1037
The FCA has therefore advised that people only deal with financial firms that are authorized by them, and check the Financial Services Register to ensure the authorization of the firm before proceeding to do business with them; the register contains information on firms and individuals that are, or have been, regulated by us.
Aside the FCA warning on Financial Products Ltd, recently another FCA warning involves cloning activities. Cloning is an act such that unauthorized firms try to replicate the image of a legitimate company, to deceptively utilize the goodwill of such a company in carrying out its own bid and possibly defraud unsuspecting clients. The latest of such cases involves Delta Financial Markets Limited, a genuine FCA licensed firm with reference number 534027. DF markets is a brokerage outfit which offers its services across a wide range of financial instruments including Forex, Gold and Silver, to a variety of CFDs on different asset classes.
The UK’s financial regulator keeps an up-to-date Financial Services Register of companies authorized to carry out its operation within the region. Hence, firms excluded from this list may be fraudulent, just like in the case of the DF markets clone. This therefore serves as a warning to investors who engage in business deals with unauthorized firms. Such investments are exposed to the risk of absolute loss because in case of default or bankruptcy of the firm, investor funds are protected to the tune of up to £50,000 by the Financial Services Compensation Scheme (FSCS) but only if the broker is an FCA licensed entity.
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