Financial Conduct Authority (FCA) issued a warning
regarding IC Markets Global, indicating that the company may be promoting
financial services in the UK without proper authorization.
FCA’s Warning
In a notice published today (Tuesday), the regulator
mentioned that IC Markets Global may be offering financial services in the UK
without its permission. Finance Magnates sought comments from the company
regarding the regulator’s notice, and we will update this report once we get their
feedback.
“This firm may be providing or promoting financial
services or products without our permission,” the regulator mentioned. “Almost
all firms and individuals must be authorized by us to carry out or promote
financial services in the UK. This firm is not authorised by us and may be
targeting people in the UK.”
In the watchdog’s warning, the FCA provided various
contact details, including a website, email addresses, and multiple telephone
numbers. However, the FCA advises that these contact details may be incorrect
or subject to change, potentially leading investors to further confusion and
risk.
Additionally, the authority said that investors who
engage with the firm will not have access to the Financial Ombudsman Service
for dispute resolution. The Financial Services Compensation Scheme (FSCS) will also
not apply in such cases, and the recovery of funds may be highly unlikely.
IC Markets faced a similar regulatory hurdle in July when the Cyprus Securities and Exchange Commission (CySEC) fined the firm operating the IC Markets brand, IC Markets (EU), €200,000. The regulator accused the firm of breaching leverage rules.
Expect ongoing updates as this story evolves.
Financial Conduct Authority (FCA) issued a warning
regarding IC Markets Global, indicating that the company may be promoting
financial services in the UK without proper authorization.
FCA’s Warning
In a notice published today (Tuesday), the regulator
mentioned that IC Markets Global may be offering financial services in the UK
without its permission. Finance Magnates sought comments from the company
regarding the regulator’s notice, and we will update this report once we get their
feedback.
“This firm may be providing or promoting financial
services or products without our permission,” the regulator mentioned. “Almost
all firms and individuals must be authorized by us to carry out or promote
financial services in the UK. This firm is not authorised by us and may be
targeting people in the UK.”
In the watchdog’s warning, the FCA provided various
contact details, including a website, email addresses, and multiple telephone
numbers. However, the FCA advises that these contact details may be incorrect
or subject to change, potentially leading investors to further confusion and
risk.
Additionally, the authority said that investors who
engage with the firm will not have access to the Financial Ombudsman Service
for dispute resolution. The Financial Services Compensation Scheme (FSCS) will also
not apply in such cases, and the recovery of funds may be highly unlikely.
IC Markets faced a similar regulatory hurdle in July when the Cyprus Securities and Exchange Commission (CySEC) fined the firm operating the IC Markets brand, IC Markets (EU), €200,000. The regulator accused the firm of breaching leverage rules.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
