FCA, or the Financial Conduct Authority, is a regulatory body in the UK that oversees financial markets and regulates financial firms. One of the FCA’s responsibilities is to maintain a list of unauthorized foreign exchange (FX) brokers, also known as the “warning list.” This list includes firms that are not authorized by the FCA to provide financial services in the UK but are offering FX trading services to UK consumers.
Purpose of FCA warning list
The purpose of the warning list is to help protect consumers from fraudulent and illegal activities by unscrupulous FX brokers. The FCA advises consumers to avoid doing business with firms on the warning list, as these firms may be operating illegally and may not have the necessary controls in place to protect their clients.
Unauthorized FX brokers warned by FCA dated February 17, 2023
– STAM CAPITAL INVEST
– PREMIUM BASE FX
– EQUITY TRADE
– CON TRADING FX
– LIVE CRYPTO OPTIONS
The FCA updates the warning list regularly to ensure that consumers have access to the most up-to-date information. The warning list is available on the FCA’s website and can be easily accessed by anyone looking to verify the credentials of a particular FX broker.
It’s important to note that the FCA warning list is not a comprehensive list of all unauthorized FX brokers operating in the UK. Therefore, consumers should also conduct their own due diligence and research before investing with any FX broker, particularly if they are not familiar with the firm.
In summary, the FCA warning list is an important tool for protecting consumers from unscrupulous and unauthorized FX brokers operating in the UK. Consumers should exercise caution when dealing with FX brokers and always verify the credentials of the firm before investing any funds.