Abstract:By informing the public the UK financial watchdog FCA released a list unauthorized firms on January 25, 2023 by FCA.
The FCA is responsible for the regulation of firms that provide financial services, such as banks, insurance companies, and investment firms. Its role includes issuing and enforcing rules and regulations for these firms, as well as monitoring their activities to detect and prevent misconduct.
The Financial Conduct Authority (FCA) uses a variety of methods to identify unauthorized brokers. One method is through proactive monitoring of the financial markets to identify potentially unauthorized activity. The FCA also relies on tip-offs and complaints from consumers, as well as information provided by other regulatory bodies. Additionally, the FCA maintains a public register of authorized firms, which can be searched by consumers to verify that a broker is authorized. If a broker is found to be operating without authorization, the FCA can take enforcement action, including fines and criminal prosecution.
Here is the list of “Unauthorized Firms” released on January 25, 2023
MAXITRADE
OCTEXTRADE
HUTANO MEDICALS
HEX-CAPITALS LTD
ARAB EUROPEAN BANK
GLOBAL-HERITAGELTD
KOPES BANK
OPTIMA INVESTING
OH JY COIN
BAD CREDIT LOANS
According to the FCA official website, the firms listed above are not authorized are targeting people in the UK. This means in short explanation that the investor who deals with unauthorized brokers has no access to the Financial Ombudsman Service or is protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.
The ultimate goal of the FCA is to protect consumers and promote competition in the financial markets for the benefit of consumers and the wider economy.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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