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List of Potential Scams -check this list first

Discussion in 'Scam Alerts' started by Tom Walsh, Oct 9, 2009.

  1. Tom Walsh

    Tom Walsh Recruit

    Mar 16, 2008
    Likes Received:
    I found this list too late to be of any help to me, but it may help others who are considering doing business with forex and other financial firms.

    Unauthorised overseas firms operating in the UK

    It's the FSA's list of unauthorised overseas firms (forex and others) operating in the UK.

    It also mentions those about which it has had complaints.

    The FSA is the UK's regulator of all financial services and demands high standards of conduct.

    Hence many firms that sell their services to UK customers prefer to operate under a flag of convenience such as Switzerland (only regulates firms that actually hold money, ie bankers and brokers, but not managers), British Virgin Islands (tiny remaining bit of empire that the UK owns, but doesn't regulate), Cayman Islands (similar to BVI), Luxembourg (no regulation of managers), Liechtenstein (no regulation of managers), etc.

    An entry in the FSA's list is not proof of a scam, but it is a warning to exercise caution.


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