Scammer branded as FCA conducts regulated activities

A scammer promoting itself as FCA Markets is conducting regulated activities without authorisation, the regulator has warned.

The Financial Conduct Authority, the real FCA, has warned the Financial Contract Authority, also promoting itself as FCA Market, is providing financial services or products in the UK without authorisation.

“This firm is not authorised by us and is targeting people in the UK,” the warning on the regulator’s website says. “Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

While the scammer shares an initialism with the FCA, its gold and grey branding differs from the regulator’s recently revamped logo, which is burgundy and came at a cost of £60,000.

FCA Market lists Citibank, UBS and Deutsche Bank among its liquidity providers and claims to have won a series of awards for foreign exchange, including “most transparent” forex broker. It also claims to be a leader in Islamic finance.

It follows warnings on a number of clone firms, which attempt to imitate legitimate FCA-authorised companies, with Fisher Investments being a recent victim in the asset management space.