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UK's FCA warns about Universe Markets FX

UK's Financial Conduct Authority (FCA) has issued a warning against White Square Trading Limited operating as Universe Markets FX.

 

The regulator says the broker has been providing financial services and products targeting people in the UK without a license. 

 

Universe Markets FX has been trying to attract customers with competitive spreads, generous leverage and a targeted phone marketing campaign.

 

The financial regulator reminds that all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by FCA and warns that some firms act without authorisation and knowingly run investment scams.

 

“This firm 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”, FCA says.

 

In addition to that, the FCA warns that if you are investing with unauthorized brokers you are not covered by the Financial Ombudsman Service and the Financial Services Compensation Scheme.

 

Have in mind that in case something goes wrong, the Financial Services Compensation Scheme insures trade capital of up to 50 000 GBP.

 

“We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Service Register to ensure they are”, FCA also says.

 

Investing with a properly regulated broker is crucial for the safety of any investment. Here we should note that along with FCA, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), two other well respected institutions, also enforce strict regulatory standards upon all brokers in their jurisdiction. 

 

TAGS: FCA  warning  UK  Universe Markets FX 
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