A fraudulent company posing as a licensed brokerage
firm has triggered a scam alert from the UK’s financial watchdog. The Financial
Conduct Authority (FCA) has warned consumers not to engage with “XTB Online,” a
firm it says is offering financial services without authorization while using
the branding of legitimate broker XTB.
The FCA said “XTB Online” is claiming to
operate out of Canary Wharf, using the address One Canada Square, and has
listed a website and support email that may appear genuine at first glance.
However, according to the watchdog, the firm is not authorized
to offer financial services in the UK and is not affiliated with the real XTB
entity regulated under FCA rules.
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. This firm is not authorised by us and may be targeting people in the UK,” the agency wrote.
Bogus Website and Fake Contact Details
According to the regulator, clone firms often use real
company information, including postal addresses and branding elements, to
mislead potential investors. In this case, “XTB Online” uses a near-identical name and a London address to convince targets that it is a legitimate
operation.
The firm’s website, xtbonline.com, is not affiliated
with the authorized broker XTB, which operates under a separate FCA
registration. The FCA noted that victims of such scams typically lose access to
both their funds and any form of legal recourse.
“If you deal with this firm, you won’t have access to
the Financial Ombudsman Service or the Financial Services Compensation Scheme,”
the FCA said in its warning.
No Consumer Protection If Things Go Wrong
The watchdog made it clear that anyone doing business
with XTB Online will not be covered by key financial protections in the UK.
This means that if the firm collapses or disappears with investor funds, there
is little chance of getting money back.
The FCA urged consumers to always check its Firm
Checker before engaging with any company offering investment, trading, or
financial services.
The FCA warned the public to be cautious of unexpected
contact from firms claiming to be regulated. “Always verify a firm’s contact
details against the information listed on our register,” it said.
Expect ongoing updates as this story evolves.
A fraudulent company posing as a licensed brokerage
firm has triggered a scam alert from the UK’s financial watchdog. The Financial
Conduct Authority (FCA) has warned consumers not to engage with “XTB Online,” a
firm it says is offering financial services without authorization while using
the branding of legitimate broker XTB.
The FCA said “XTB Online” is claiming to
operate out of Canary Wharf, using the address One Canada Square, and has
listed a website and support email that may appear genuine at first glance.
However, according to the watchdog, the firm is not authorized
to offer financial services in the UK and is not affiliated with the real XTB
entity regulated under FCA rules.
“This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams. This firm is not authorised by us and may be targeting people in the UK,” the agency wrote.
Bogus Website and Fake Contact Details
According to the regulator, clone firms often use real
company information, including postal addresses and branding elements, to
mislead potential investors. In this case, “XTB Online” uses a near-identical name and a London address to convince targets that it is a legitimate
operation.
The firm’s website, xtbonline.com, is not affiliated
with the authorized broker XTB, which operates under a separate FCA
registration. The FCA noted that victims of such scams typically lose access to
both their funds and any form of legal recourse.
“If you deal with this firm, you won’t have access to
the Financial Ombudsman Service or the Financial Services Compensation Scheme,”
the FCA said in its warning.
No Consumer Protection If Things Go Wrong
The watchdog made it clear that anyone doing business
with XTB Online will not be covered by key financial protections in the UK.
This means that if the firm collapses or disappears with investor funds, there
is little chance of getting money back.
The FCA urged consumers to always check its Firm
Checker before engaging with any company offering investment, trading, or
financial services.
The FCA warned the public to be cautious of unexpected
contact from firms claiming to be regulated. “Always verify a firm’s contact
details against the information listed on our register,” it said.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
