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FCA warns against Crown Finance, CFD Corporate and CT-Trade

The British Financial Conduct Authority (FCA) has issued warnings against Crown Finance and CT-Trade – clones of FCA licensed companies and CFD Corporate, a broker not authorized to operate in the UK.

 

"Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm”, warns the regulator. 

 

Crown Finance and CT-Trade have been targeting UK citizens, claiming to be authorised by FCA, while actually they are not. Both companies have been using the name, ‘firm registration number’ (FRN) and address of companies authorised by FCA to suggest they are genuine. This is what is call a ‘clone firm’.

 

“These scammers typically cold-call investors to promote shares, property or other investment opportunities that are non-tradable, worthless, overpriced or even non-existent”, FCA says. 

 

Crown Finance, which mimics the FCA regulated CROWN FINANCE LIMITED, is registered on St. Vincent and the Grenadines, while CT-Trade pretend to be representatives of Citibank Europe plc.

 

The warning against CFD Corporate is that they operate in the UK without a license.  “Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us”, reminds FCA.  “However, some firms act without our authorisation and some knowingly run investment scams”.

 

FCA reiterates its advise to all UK traders to deal only with financial intermediaries, which are authorised by them, and to check the Financial Service Register to ensure they are. 

 

The regulator also reminds that any investment with an unauthorised brokers is not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, which insures up to 50 000 GBP of the deposited capital. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

TAGS: FCA  warning  UK  Crown Finance  CFD Corporate  CT-Trade  forex scam 
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
UK, Singapore, Australia FCA, MAS, ASIC MT4, AT Pro,
Advantage Web
£100 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

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