FCA warning on unauthorized E-transact Worldwide Limited


June 17, AtoZForex As reported in the official website of Financial Conduct Authority (FCA), the regulator fulfills three core objectives: protecting customers, enhancing market integrity and promoting effective competition. Earlier this week, the FCA has issued warnings against unregistered brokers operating in the UK. Today, the FCA announced to have blacklisted a payment service provider, as the FCA warning against unauthorized E-transact Worldwide Limited was issued.

E-transact Worldwide Limited’s Activities

E -transact provides global payments processing solutions and offers merchant accounts, virtual terminal services, and CNP merchants. On the official website of the firm, the ‘products’ section highlights the possibility to ‘accept all major credit cards’ and ‘connect to hundreds of millions of additional customers’.

According to the FCA warning the firm E-transact Worldwide Limited claims to be located in London, England and operates online via www.etransact.net.

However Robin Stanley from Marketing Division of E-transact Worldwide Inc commented the following:

“E-transact was never registered in the UK, it is a licensed company which operates in the British Virgin Islands.”

FCA reports that the firm has been soliciting to UK-based investors without any authorization to do so. FCA commented on this matter:

‘’We believe this firm has been providing financial services or products in the UK without our authorization. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.’’

A note from the regulator on how to protect yourself

As FCA warning against unauthorized E-transact Worldwide Limited has been issued, the regulator also reminds all the investors that ‘Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us (FCA).’

Additionally, regulator highlights the importance of ensuring the fact of authorization of a company, when conducting any business. The investors can check whether the firm is registered or not on the Financial Services Register, provided by FCA. The Financial Services Register comprises all the names of the companies and individuals, that are, or have been registered by FCA.

Furthermore, FCA reminds investors about the fact, that if they give money to an unauthorized firm, they will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if something goes wrong.

Think we missed something? Let us know in the comments section.

Share Your Opinion, Write a Comment