The Financial Conduct Authority (FCA) – the United Kingdom’s financial market moderator, cautioned that it had intel on an unauthorized company which used the name MRTmarkets. This company has been illegally providing financial products and services to people in the UK. According to the FCA announcement, the company did not have regulatory permission.
The FCA is the financial markets’ watch dog meaning that firms, companies, organizations and individuals who are in the financial business have to be authorized by it.
After being discovered as a fraud, MRTmarkets asserts that it is not only licensed but authorized by an unheard of regulatory body called the Securities and Exchange Commission (FSPC). This is a strategy by the company to manipulate new investors who are ignorant of the fact that legit regulatory registers are mandatory. The company thus banks on them to take ill-informed investment decisions.
FCA discovered that the company has a website: MRTMARKETS.COM which is operated and hosted by KHO Tech LTD which is located on Woodberry Grove, Finchley, London. The web address is http://mrtmarkets.com and is seen to provide a portfolio that is inclusive of spread betting and CFDs platforms.
Lack of proper authority
The UK watchdog asserted that MRTmarket is operating illegally and lacks the correct authorization to provide financial services to British customers. Investors are therefore strongly advised to only work with financial companies that have proper authorization. Verification of such companies can be done by checking the Financial Services Register.
FCA further cautioned that if an investor gave money to an unauthorized firm, the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) will not be liable for ill-investment decisions and it will not cover any losses.