The Financial Conduct Authority added their roster of possible warnings and scams that lurk the financial market this time a clone firm running the name of a licensed firm Forex Tradition. According to the financial firm regulator, the FTradition is supposedly passing itself as a member of the Tradition Group which is an international firm of brokers that the FCA authorized.
Forex Traditions claims to be under the Tradition Financial Services Ltd. resides at 118912 Trident Chambers, PO Box 1388, Victoria, Mahe, Seychelles as opposed to the Tradition Financial Services Ltd.’s address at Beaufort House, 15 St Botolph Street, London. FCA reported that FTadition claims that it operates under the Tradition Financial Service Ltd. but the fraudster is in no parts associated with it.
In the report FCA published, FTradition is not a genuine firm and it is using details of other firms as the way of persuading the publics in the financial market. FCA announced that ‘clone firms’ such as the FTradition, are using the genuine firm name and are operating under their ‘firm reference number’ (FRN) FCA has given them. The financial firm regulatory advice to not give out money to unauthorized firms as the Financial Ombudsman Service and the Financial Services Compensation won’t cover any damages and compensations.
The Financial Conduct Authority is a firm and financial markets regulator in the United Kingdom, currently, the FCA covers and regulates around 56,000 financial services and the prudential regulates over 24,000 of the firms.
AMF Reveals ForexTradition as a Fraudulent Firm
The Autorite des Marches Financiers (AMF) of France also issued a similar warning against FTradition. The AMF updated its list of possible websites and entities that offer investments on the unregulated foreign exchange market in France. One of the 25 fraudulent websites AMF listed, Forex Tradition’s website is included.
The France-based regulator encourages to not deal with the unauthorized firms as they are in breach of the applicable legislation and not required on complying with the basic rules of the investor protection. The Autorite des Marches Financiers is a regulator that watches over the participants and product’s in the France financial markets.
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