2 December 2019 | AtoZMarkets – With scams on the rise, financial regulators across the globe have their work cut out for them when trying to protect consumers. This Monday, however, the Financial Conduct Authority (FCA) has yet again updated its warning list to include a new entity.
FCA warns against Shore Capital Markets as "unauthorized firm"
That entity goes by the name of Shore Capital Markets. According to the statement from the regulator, this company is not authorized by the FCA. Nevertheless, it is offering services, which it believes fall under its authority, to people living in the United Kingdom.
“Please note that this entity has no association whatsoever with the UK registered company Shore Capital Markets Limited (Company number 04771893). Scammers are falsely claiming the name of this UK registered company. The genuine company does not carry out any regulated activities that require our authorisation,” the FCA said in its warning.
The regulator provides the following details belonging to the entity:
Address: 1 Northumberland Avenue, Trafalgar Square, London, WC2N 5BW
Telephone: 02036337563; 02036337564
Email: firstname.lastname@example.org; email@example.com, firstname.lastname@example.org
Furthermore, taking a look at the website, Shore Capital Markets claims to be "a successful independent investment firm managing portfolios for UK and international private investors, trusts and charities."
"We are independently owned by the Partners and employees. Since our foundation in 2003, we have focused on a single objective protecting and growing the real value of our clients’ capital over the long term,” the entity said on its website.
FCA remains vigilant
The FCA has stepped up its game in the past year when it comes to protecting retail investors. First by following the lead of the European regulator ESMA in 2018 when it issued measures to restrict the marketing CFDs to retail clients, which mainly applied to regulated providers.
Moreover, the final step was taken in July after making ESMA’s temporary intervention measures permanent, but with some differences, such as applying them to a wider range of products.
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