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UK's FCA warns of HBC Broker

Jul 26 2017
By
Jonathan Smith

 UK's Financial Conduct Authority (FCA) has issued a warning against the offshore forex and CFD broker HBC Broker.

 

The regulator says it believes that the broker, owned by MPG Partners, with an address in Scotland, is providing financial services and products without authorization.

 

“This firm is not authorized by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorization”, the FCA said.

 

According to its site, www.hbcbroker.com, the brokerage is owned by MPG-Invest, based in the offshore zone Vanuatu.

 

Recently FCA also issued a warning against two other dubious forex brokers Trade12 and MRT Markets. The former is also based in an offshore zone – the Marshall Islands and MRT Markets claims to be based in the UK. Neither of them is properly regulated.

 

As a general rule we advise our readers to avoid dealing with unregulated brokers and stick to the properly authorized ones. Particularly risky are the offshore brokers based in the various islands like Vanuatu, the Marshall Islands, Mauritius, where the capital requirements are rather low and oversight is lax. Oftehn there are no compensation schemes either.

 

In contrast, brokers regulated by serious watchdogs like the FCA, are subject to high capital requirements, strict oversight and must be members of client compensation schemes. 

 

 

TAGS: fca  uk  hbc broker  mrt markets 

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