The Financial Conduct Authority, FCA, which is the UK’s financial markets regulator continues its effort to crack down on crooks, fraudsters and unregulated, unauthorized firms which try to bring clients onboard under false pretenses. What is interesting in the new case highlighted by the latest warning issued by the FCA is the fact that the culprit does not cite a fancy location in the City of London as its address, but seems to be operating from some quiet residential village in Leicestershire.
The company warned against by the FCA, because it falsely claims to be FCA regulated but in fact it is not and it has been targeting UK customers in order to provide them with financial services or products, without possessing the necessary FCA license and authorization, is called B2S Forex and operates from the website www.b2sforex.com. Both on the said website and in its marketing materials, the broker falsely claims to be under FCA regulatory oversight.
In fact, and even after the FCA publicized its relevant warning against this small unregulated broker, their website still clearly states that: “B2SForex is a licensed and regulated FX and CFD broker. B2S FOREX is a trading name of Business Finance Advisory Service Ltd who is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. FCA Register No: 457957.”
However, according to the FCA this information is not true and the firm is neither regulated nor authorized by the UK’s watchdog.
Citing Church Lane, Whitwick, Coalville, in Leicestershire as its address, B2S Forex has been targeting people in the UK and this is why the FCA is warning the public against them. Moreover, the regulator also reminds investors to be careful and to try and protect themselves from scammers by referring them to a list of measures it has recently issued as a guide for potential investors in order to assist them to recognize and thus avoid financial services firms that are in fact fraudulent and unscrupulous.
