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FCA adds Revolution Variable Systems (RVS) to its warning list

May 17 2018
By
Jonathan Smith

 

UK’s Financial Conduct Authority (FCA) warned that Revolution Variable Systems (RVS) has been providing financial services in the country without being authorized. “This firm is not authorised by us and is targeting people in the UK,” the FCA said in its notice. 

 

Although RVS does not claim to be regulated, it is clear from the broker’s domain name (www.marketsystems.co.uk) that it is trying to mislead investors into thinking that its offering is legitimate. Otherwise, its website is not very informative. The name of the company operating the brand is not mentioned, nor are specified any trading conditions. There are only some Key features of RVS’ offering listed, such as automated trading systems, dedicated expert advisors, NDD trading environment, etc.

 

The UK financial regulator advises investors to check company names of forex brokers in the Financial Services Register, kept by the FCA. Investors should also keep in mind that their funds are not covered under the Financial Services Compensation Scheme (FSCS) if the company they are dealing with is not licensed by FCA.

 

UK’s Financial watchdog is famous for its strict standards and tight supervision. Apart from issuing warnings against entities that could possibly harm UK investors and keeping a register of licensed companies, the FCA applies strict requirements to authorized brokers and sees to their compliance. Companies who fail to comply with the rules on minimum capital adequacy, client account segregation, transaction reporting, AML and KYC standard, are charged with salty fines.

TAGS: FCA  warning  UK  Revolution Variable Systems (RVS) 
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