The UK Financial Conduct Authority (FCA) keeps its conquest against clone firms – unauthorized entities that abuse the details of authorized firms in an effort to defraud investors more easily. The latest warning concerns Markets Central Investment, a company which misuses the details of an FCA-licensed firm - Central Markets (London) Ltd. The clone entity,…
Read moreUK financial regulator The Financial Conduct Authority (FCA) has banned Michael Ross Curtler, a former FX trader at Deutsche Bank AG, from the UK financial services industry for lacking honesty and integrity following a criminal conviction for fraud in the US. Last October Mr. Curtler pleaded guilty before a US District Court in New York for his role…
Read moreUnited Kingdom's Financial Conduct Authority (FCA) announced that fraudsters are using the details of a firm authorized to try to convince people that they work for the genuine, FCA regulated and authorized firm. Find out more about the latest ‘clone firm’ below: Clone firm details Fraudsters are using or giving out the following details as…
Read moreThere is some development in the story about the UK prosecution of Alex Hope, the mastermind of a fraudulent FX investment scheme, and his accomplice Raj Von Badlo (also known as Raj Shastri)... Southwark Crown Court today ordered nearly £2.65 million ($3.86 million) to be returned to investors who had entrusted their money in a…
Read moreThe UK Financial Conduct Authority (FCA) has just published its latest Data Bulletin, which includes information about the activities of the regulator regarding financial promotions. The most recent numbers show that the FCA reviewed 1,108 financial promotions in the third quarter of 2015, that is, from July 1st to September 30th last year. Out of…
Read moreAndrew Bailey, the Chief Executive Officer of the UK Prudential Regulation Authority, will take the helm of the Financial Conduct Authority (FCA). HM Treasury have today announced his appointment as the new CEO of the FCA. Mr Bailey will assume his new role once his successor at the Prudential Regulation Authority (PRA) has been found.…
Read moreAs the number of complaints regarding unauthorized trading and brokerage firms in the UK is rising, the Financial Conduct Authority (FCA) is also stepping up its efforts to combat financial fraud. It comes as no surprise then that the FCA keeps issuing public warnings against unauthorized FX firms, with the latest one targeting Financial Products (London)…
Read moreThe Forex industry has been increasingly targeted by clone firms, that is, unauthorized companies that emulate the data, including names, websites, etc., of licensed entities, in order to easily defraud investors. The UK Financial Conduct Authority (FCA) is amid the regulators that actively warn against this practice. The watchdog published a special announcement yesterday regarding…
Read moreThe UK Financial Conduct Authority (FCA) has reported a sharp rise in reports about unauthorised trading and brokerage firms. The complaints from consumers concern firms offering trading in foreign exchange, contracts for difference, binary options and other commodities. A common feature of such companies is that they promise artificially high returns and often mention “guaranteed…
Read moreThe UK Financial Conduct Authority (FCA) today issued a special statement, confirming that Acting Chief Executive Tracey McDermott has decided to leave the process to appoint the permanent Chief Executive of the FCA. The Treasury-led recruitment process is still open, with Ms McDermott set to continue as Acting Chief Executive until a permanent replacement is…
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