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UK's FCA updates its warning list with unregulated forex broker K2 Wall Street

 

The Financial Conduct Authority (FCA) has updated its warning list with unregulated broker K2 Wall Street (K2WS) on Friday. According to the official warning, this entity is not licensed to offer financial services or products in the country, but has been illegally targeting local investors.

 

Some firms act without our authorisation and some knowingly run investment scams”, the FCA says in its warning. “K2 Wall Street is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation

 

The K2WS brand (operating via k2wallstreet.com website) was allegedly launched in 2011 and claims to offer superior trading conditions, advanced education and state-of-the-art trading tools in the forex industry.  The brokerage brand is owned and operated by K2 Wall Street Co Limited, which is not licensed by the FCA, nor by any other authority.

 

UK’s financial watchdog has provided investors with a consumer helpline and urges anyone that has been “cold called” or targeted in any way by representatives of K2 Wall Street to reach them on 0800 111 6768. The FCA also advises all potential investors in the UK to deal only with companies holding legit licenses, which could be verified in the official register kept by the regulator.

 

The FCA also reminds investors that if they invest with unlicensed brokers, they will not be covered by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme, which guarantees up to 50 000 GBP of the trading capital (in case a broker files for bankruptcy).

 

TAGS: FCA  warning  K2 Wall Street  K2WS  scam  UK 

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