FCA issues warning about unlicensed firm FXGL Capital

Britain’s financial markets regualtor, the Financial Conduct Authority (FCA) has begun the new year by further demonstrating its watchful stance regarding unregulated FX companies that target British clients.

At the end of last week, the FCA issued a public warning regarding a company which operates under the name of FXGL Capital, via the website www.fxglcapital.com

The regulatory authority asserts that the firm has been providing financial services or products in the UK without FCA authorization, and urges potential investors to exercise caution and protect themselves from entities which have less than bona fide intentions.

This particular company provides a series of telephone numbers, one of which is a UK number but on close inspection appears to use the 0203 area code, which often represents non-standard telephone services such as VOIP and multiple lines, as opposed to the more standard 0207 (Central London) and 0208 (Greater London) area codes. This could indicate that the firm does not have an office in the UK.

In addition to that number, the firm provides two further contact numbers, one in Bahrain and another in France.

The company’s website clearly demonstrates that FXGL Capital is a retail FX brokerage, offering the MetaTrader 4 platform, however there is no detail relating to regulatory licensing stated on the website.

In conclusion, the FCA strongly advises potential investors to only become customers of financial firms that are regulated by the FCA, thus are covered by the investor protection policies that the British regulator has in place under its jurisdiction.

For the full announcement from the FCA, click here.

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