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UK’s FCA warns against Coperstone

The regulatory agency responsible for financial services in the UK, the Financial Conduct Authority (FCA) has recently added another company to its ever-growing list of warnings. This time, the firm in question is Coperstone, which is incorporated on the Island, but isn’t affiliated with the local watchdog. 

 
The Authority states: “We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers. “
 
As we have mentioned in our review of Coperstone, the firm has recently obtained the Vanuatu Financial Services Commission’s “Dealer in Securities” license. This is a regulatory regime under which a lot of shadier companies register. As far as our knowledge of the Vanuatu legal system goes, the minimum capital required for this license is $2,000, which makes them an attractive destination. The user feedback, which you can find in the comments section of our review is overwhelmingly negative. 
 
The FCA accepts signals from people who were targeted by a broker via cold-calling or other forms of direct approach and are unsure of their credibility. The UK regulators apparently don’t have that high of an opinion of their colleagues in Vanuatu.
 
On the other hand, if a broker is registered in a EU-member state, they can contact them to establish a connection. Under the Markets in Financial Instruments Directive (MiFID), having a license in one country grants you access to the entire Single Market. It is still unclear how the FCA will cooperate with other watchdogs once Brexit comes through and given the importance of the financial services sector for the UK’s economy, this will be a bone of contention in the coming negotiations.
 
We always recommend trading with highly regulated companies and the Financial Conduct Authority (FCA) is one of the most respectable agencies. For a list of forex brokers under their oversight click here.
TAGS: FCA  warning  UK  Coperstone 
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